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Nike Inc. surpassed its earnings and revenue estimates in the fourth quarter, with new publications and a focus on drop shipments to customers helping to reverse the downward trend in North American sales. American for the first time.
Nike shares rose 8% to $ 77.40 and are heading towards a record opening Friday, after the company announced a $ 15 billion buyback program and revenue forecast for the company. ;exercise. The sports footwear manufacturer has struggled in North America, its biggest market, at a time when it faces stiff competition from Adidas and Puma, as well as retail bankruptcies. Sports like Sports Authority and Sports Chalet.
Nike responded by focusing on new releases and direct sales to customers through its stores and on the Internet, as well as on the Internet. entered into a partnership with Amazon.com Inc.
Sales in North America increased by 2.76%, far exceeding the analysts' estimate of an increase of 0.98%, according to Thomson Reuters I / B / E / S.
Nike said it expects revenue for 2019 to be in the one-digit range, compared to its previous predictions for medium-high to high growth.
Net income increased to $ 1.14 billion, or 69 cents per share, in the fourth quarter ended May 31, compared to $ 1,010 million, or 60 cents per share, in the first quarter. same period of the previous year. Excluding extraordinary items, the company gained 69 cents per share, exceeding estimates of 64 cents.
Total revenues increased 12.8% to $ 9.790 billion, also exceeding estimates of $ 9.41 billion.
The company, which has set a revenue target of $ 50,000 million by 2020, said sales for the 2018 fiscal year increased 6% to $ 36,400 million.
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