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Reuters. – Nike Inc. outperformed its earnings and revenue estimates in the fourth quarter, as new launches and an emphasis on direct customer shipments helped reverse the decline in North American sales for the first time in one year.
Nike shares climbed 8 percent to US $ 77.40 and head for a record opening on Friday after the company announced a US $ 15 million buyback program and revenue forecast for fiscal year 2019
The sports shoe manufacturer has had problems in North America, its biggest market, at a time when it has to deal with the tough competition from the US. Adidas and Puma, as well as bankruptcies of sports retailers. Sports Authority and Sports Chalet.
Nike responded by focusing on new releases and direct sales to customers through its stores and the Internet, and also partnered with Amazo n.com Inc.
Net Profit increased to US $ 1,140 million, or 69 cents per share, during the fourth quarter ended May 31, compared to US $ 1,010 million, or 60 cents per share, for the same period of the previous year . . Excluding extraordinary items, the company gained 69 cents per share, exceeding estimates of 64 cents.
Sales in North America rose 2.76%, far exceeding the analysts' estimate of an increase of 0, 98%, according to Thomson Reuters I / B / E / S.
Nike said that it expects revenue for 2019 to be in the range of more than a figure, compared with its previous forecast of a growth in net profit of reached US $ 1,140 million, or 69 cents per share, in the fourth quarter ended May 31, compared to US $ 1,010 million, or 60 cents per share, in the same period of the year former. Excluding extraordinary items, the company gained 69 cents per share, exceeding estimates of 64 cents.
Total revenues increased by 12.8% to 9.790 billion US dollars, also exceeding estimates of 9.41 billion US dollars. The company, which has set a target of 50 billion US dollar turnover by 2020, said sales for the 2018 fiscal year were up 6 percent to 36.4 million. of United States dollars
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