Nike surprises with sales and profit - share jumps
- By sennenqshop/li>
- 730
- 07/01/2023
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adidas235.00 EUR-3.39%Nike Inc.123.88 EUR-2.38%View shares in this articleNike Inc.123.88 EUR -2.38 %Trade here for 0 See AllIn the three months to the end of November, the adidas rival had sales of 11.4 billion US dollars, up one percent from a year earlier, the company announced on Monday after the US market close in Beaverton . The bottom line is that Nike made a profit of 1.34 billion dollars, which was 7 percent more than a year ago thanks to cost reductions. Analysts had expected less in terms of both sales and profits.Excluding exchange rate effects, the revenue in the second quarter of the American business would have been as high as in the previous year. The group referred to ongoing supply bottlenecks. In China, sales even fell significantly due to the lack of inventories. North America and Europe, on the other hand, had brought growth, also because goods previously on the transport routes had now increasingly reached the markets.
Nike figures are well received - price jump
After strong quarterly figures from Nike, the shares of the US sporting goods manufacturer recovered a large part of their recent losses in one fell swoop on Tuesday. They gained a good nine percent in early trading at the top. With an increase of 5.6 percent to $165.79, they were still the strongest value in the Dow Jones Industrial benchmark index.
You are now testing the 21-day line and the 50-day line, which provide chart-oriented investors with indications of the short- and medium-term trend. If they climb above that, they could quickly tackle their high of $179.10 from early November. The stocks have now recovered by almost half from their setback since the record high. Since the beginning of the year, owners of Nike shares have gained 17 percent.
The adidas competitor performed surprisingly well in the past fiscal quarter. Analysts had expected less in terms of both sales and profits. North America and Europe had brought growth, also because goods previously on the transport routes had now increasingly reached the markets.
JPMorgan analyst Matthew Boss rates Nike's long-term prospects as good. He still rates the stock as "Overweight," but lowered his target price slightly from $192 to $185. The group did not raise its forecast for earnings per share (EPS) in the current financial year as much as it and the market had thought.
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