(News Bulletin 247) – Nike fell nearly 2% on Wall Street, the day after the sporting goods supplier’s publication of third-quarter accounting results that exceeded expectations, but accompanied by more mixed prospects.
The group unveiled Tuesday evening EPS down 9% to $0.79, well above a consensus of $0.55 according to Wedbush, as well as revenue growth excluding currency effects of 19%, also better. provided that.
While management has raised its revenue growth forecast for the full year to ‘in the high single digit range’, the broker notes that it has also lowered its full-year gross margin forecast to -250 basis points.
This leads Wedbush to cut its 2024 EPS estimate by four to $3.82, but it sees various reasons to remain bullish on the record, such as a rapid normalization of inventory levels and the start of a recovery in China.
“Consumer demand remains healthy, generating significant growth potential,” said Jefferies, also expecting “transient headwinds on costs to subside in fiscal 2024.”
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