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Nike tops estimates on broad sales gains

  • Nike (NKE) beats estimates in FQ3 as it puts in another powerhouse quarter.
  • Sales for Converse showed strength, rising 16% to $420M.
  • Demand for footwear products was very strong in Europe and showed solid growth in the U.S. The category was a tad slow in emerging markets (+5%) due to currency swings.
  • Nike's gross margin rate rose 30 bps to 44.5% as double-digit revenue growth was slow to filter down to the company' bottom line.
  • SG&A expenses as a percentage of sales rose a point to 31.1%.
  • Futures orders were up 12% (+14% ex-FX) during the period as the company keeps continues to show a strong trend (+12% in FQ3, +8% in FQ2 and FQ1, and +6% a year ago in FQ3) for the demand measure.
  • NKE +1.7% AH
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