Wed, Jun. 29, 9:02 AM
- Down sharply overnight after Q4 revenues came in light, Nike (NYSE:NKE) is now higher by 1% in premarket action. Helping is a strong defense from the sell-side.
- Acknowledging near-term headwinds, Jefferies says the stock still deserves to trade at a premium multiple. He reiterates his Buy rating, though cutting the PT to $65 from $67 (yesterday's close $53.09).
- UBS remains bullish, BB&T reiterates its Buy rating, and Piper Jaffray its Overweight rating.
Tue, Jun. 28, 5:37 PM
Tue, Jun. 28, 4:25 PM
- Nike (NYSE:NKE) has slid 6.3% just after reporting its Q4 earnings where revenues missed slightly despite some growth driven by international sales.
- Revenues by brand: Nike brand, $7.73B (up 8% ex-currency); Converse, $513M (up 18% ex-currency).
- Futures orders worldwide for branded footwear/apparel (scheduled for delivery June-November) were up 8% to $14.9B (up 11% ex-currency, short of expectations for a 13% gain). Inventories were up 12%.
- Gross margin fell 30 basis points to 45.9% amid higher costs for product and clearing excess North American inventory and unfavorable foreign exchange. Effective tax rate was 21.2%, up from a year-ago 17.8%.
- Conference call to come at 5 p.m. ET.
- Press Release
Thu, Jun. 16, 9:57 AM
- Nike (NYSE:NKE) is down 1.9% in early trading amid some disruption in its basketball business.
- The company brought back Craig Zanon as vice president and general manager of Nike Global Basketball after the unexpected resignation of Michael Jackson this week.
- Nike has felt some pressure from Under Armour in basketball and Adidas in soccer this year, although Wall Street is still overwhelmingly bullish on the Swoosh with 24 Buy ratings stacking up against the 6 Holds and 2 Sells.
Wed, Jun. 1, 9:03 AM
- Nike (NYSE:NKE) is lower in early trading after taking on a downgrade from Morgan Stanley.
- The investment firm moves to an Equal Weight position after having Nike positioned at Overweight and lowers its price target to $60.
- The cooling off on Nike is tied in part to broad concerns over increased competition in the athletic apparel sector and specific indications that Q2 U.S. sales are tepid (on pricing).
- MS on Nike: "Many new entrants are fragmenting the market and Nike is lapping five years of double-digit growth. Retail bankruptcies and consumers' shift to online shopping has created heavy excess inventory, which is causing LSD ASP declines.”
- NKE -2.84% premarket to $53.66.
Tue, May 24, 5:35 PM
Mon, May 23, 5:37 PM
Wed, Apr. 27, 10:36 AM
- Shares of Adidas (OTCQX:ADDYY, OTCQX:ADDDF) trade at a premium to Nike (NKE -1.3%) for the first time in six years (h/t WSJ's Sara Germano) after the German sports company posted strong sales growth today to bring in new buyers.
- On a forward look at earnings, Adidas has a 28 price/earnings multiple compared to the 24 P/E on Nike.
- Both Adidas and Nike are set to benefit from the upcoming European soccer championship and Rio Olympics this summer.
- Previously: Adidas Q1 earnings rise, ups 2016 guidance for second time (April 27)
- Now read Nike: Just Add It
Wed, Mar. 23, 12:35 PM
- With shares near all-time highs, the market is tough to please, says Deutsche Bank, reiterating its Buy rating and $75 price target on Nike (NKE -3.4%). The current price is $62.68.
- "The stock will be subject to multiple compression," says Canaccord, reiterating its Hold rating and cutting the price target to $57 from $66. Futures orders were up 12% - inline with the team's estimates - but these are less and less becoming a predictor of futures sales. Further, inventory levels in North America remain elevated, and the soft signature basketball business is exacerbating this.
- Reiterating his Buy rating and $75 price target, Sterne Agee analyst Sam Poser says FX impacts caused the revenue miss and high North American inventory levels will be normalized by year-end. He says the weak guidance is likely a base-case scenario and should increase over time. "The product and innovation pipeline remains incredibly robust."
- Jefferies reiterates its Buy rating, but cuts the PT by $1 to $74.
- Previously: Nike offers cautious sales/EPS guidance; shares add to losses (March 22)
- Previously: Nike -4.4% as revenues fall short despite earnings beat (March 22)
Wed, Mar. 23, 9:16 AM
Tue, Mar. 22, 6:52 PM
- Nike (NYSE:NKE) has guided on its earnings call for FQ4 (May quarter) revenue to be up by a mid-single digit rate Y/Y. Consensus is for revenue to grow 8.9% Y/Y to 8.47B.
- The sports apparel giant also forecasts EPS will grow by a low-teens % in FY17 (ends May '17). Consensus is for EPS to rise 15% to $2.48. FY17 revenue is seen growing by as much as a low-double digit clip in constant currency. Consensus in actual dollars is for revenue to grow 9.9% to $36B.
- Shares are now down 6.1% after hours to $60.95, adding to the losses seen after Nike posted mixed FQ3 results (revenue missed, EPS beat) and lower-than-expected annual futures growth of 12%.
Tue, Mar. 22, 4:26 PM
- Nike (NYSE:NKE) has slipped 4.4% in after-hours trading as it beat even higher whisper numbers in EPS with its fiscal Q3 report, though revenues fell nearly $200M short of consensus.
- The company showed "robust and balanced growth across our expansive, powerful portfolio," said CEO Mark Parker. Consensus was for EPS of $0.48, but the company's $0.55 EPS beat even analyst chatter for $0.52.
- Revenues by brand: Nike, $7.6B (up 15% ex-currency); Converse, $489M (down 5% ex-currency).
- Futures orders worldwide for branded footwear/apparel were up 12% Y/Y (up 17% ex-currency), vs. analysts who were looking for 15% for better;
- Gross margin was 45.9% -- flat from the prior year as exchange rates, warehousing costs and inventory clearing offset gains from higher average selling prices and growth in Direct to Consumer business.
- Effective tax rate was 16.3% vs. a year-ago 24.4% as a higher piece of earnings came from operations outside the U.S. Inventories were up 8% to $4.6B.
- Conference call to come at 5 p.m. ET.
- Press release
Fri, Feb. 26, 11:59 AM
- Foot Locker (FL -4.3%) is lower to reverse an early post-earnings rally.
- The company said during its earnings call that sales were hurt during the last two weeks of January due to Winter Storm Jonas and delayed tax rebate checks.
- Sales were still up 5% during the quarter, with the running category delivering a mid-teen comp.
- Another key point from Foot Locker's call (noted by WSJ's Sara Germano) is the positive appraisal of basketball shoe demand. Foot Locker CEO called out the strong demand for the Jordan (Nike), Kyrie (Nike), and Stephen Curry (Under Armour) line of shoes in particular.
- Peers Finish Line (FINL -1.7%), Caleres (CAL -1%), and Shoe Carnival (SCVL -3.4%) are also lower on the day. Nike (NKE +0.4%) and Under Armour (UA +1.8%) are in positive territory.
- Previously: Foot Locker beats by $0.04, beats on revenue (Feb. 26 2016)
- Previously: Foot Locker up post Q4 results (Feb. 26 2016)
Wed, Feb. 10, 12:40 PM
- Athletic footwear stocks are higher as the sector looks to reset after investors took a harsh look at valuation.
- Notable gainers today include Under Armour (UA +4.9%), Nike (NKE +3.7%), Skechers (SKX +3.6%), and Phoenix Footwear (OTCPK:PXFG +4.7%).
- Retailers Finish Line (FINL +2.7%) and Foot Locker (FL +1.9%) are also solidly ahead of broad market averages.
- Previously: Strong read from NPD on athletic footwear amid social fitness trend (Feb. 8)
Tue, Jan. 26, 10:31 AM
- Shoe stocks are off and running today as investors rush back into some favorite names.
- Deckers Outdoor (DECK +3.7%), Wolverine Worldwide (WWW +2.7%), Skechers (SKX +2.4%), Columbia Sportswear (COLM +2.5%), and Crocs (CROX +1.4%) are notable gainers.
- Though a positive BAML note on Foot Locker could be factoring in a bit, it's NPD data showing a strong month for athletic footwear sales (volume +10%, prices +3%) in December that's really stirring up interest.
- Nike's (NKE +0.1%) hanging back a bit from the rally, with a higher exposure to China a potential factor.
Mon, Jan. 11, 10:09 AM
- Shoe stocks are under pressure after channel checks on pricing add a new layer of worry.
- Trading lower in morning action are Crocs (CROX -3.2%), Deckers Outdoor (DECK -2.1%), Wolverine Worldwide (WWW -2.4%), Steven Madden (SHOO -2.1%), Skechers (SKX -0.6%), Columbia Sportswear (COLM -2.8%), and VF Corp (VFC -2.6%).
- Under Armour just dipped below $70 after being as high as $105 in October.
- The panicky trading isn't encapsulating sector giant Nike (NKE +0.8%) or the Adidas (OTCQX:ADDYY +3.3%) ADRs.
- Previously: Under Armour slides as new footwear pricing concerns crop up (Jan. 11 2016)
NIKE, Inc. engages in the design, development, marketing and sale of footwear, apparel, and equipment, accessories and services. Its athletic footwear products are designed primarily for specific athletic use, although a large percentage of the products are worn for casual or leisure purposes.... More
Sector: Consumer Goods
Industry: Textile - Apparel Footwear & Accessories
Country: United States
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