NIKE beats by $0.24, beats on revs, gross margin decreased 330 bps to 41.5%; Company is expected to issue Q4 guidance on the earnings call at 4:00 p.m. ET (71.80 -1.19)
- Reports Q3 (Feb) earnings of $0.54 per share, $0.24 better than the FactSet Consensus of $0.30; revenues fell 9.1% year/year to $11.27 bln vs the $11.02 bln FactSet Consensus.
- NIKE Direct revenues were $4.7 billion, down 12 percent on a reported basis and down 10 percent on a currency-neutral basis.
- Wholesale revenues were $6.2 billion, down 7 percent on a reported basis and down 4 percent on a currency-neutral basis.
- Gross margin decreased 330 basis points to 41.5 percent.
- Inventories for NIKE, Inc. were $7.5 billion, down 2 percent compared to the prior year, reflecting product mix shifts, partially offset by an increase in units.
- North America revenue -4% to $4.86 bln.
- Greater China revenue -15% on CC basis to $1.73 bln.
- "The progress we made against the 'Win Now' strategic priorities we committed to 90 days ago reinforces my confidence that we are on the right path," said Elliott Hill, President and CEO, NIKE, Inc. "What's encouraging is NIKE made an impact this quarter leading with sport -- through athlete storytelling, performance products and big sport moments."