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Nike third-quarter sales beat estimates as turnaround efforts gain traction
Nike's Q3 revenue of $11.28 billion matched last year and beat estimates as tighter discounting and new products helped offset a 7% sales drop in Greater China, company said.
- On Tuesday, Nike beat Wall Street expectations for third-quarter revenue, reporting $11.28 billion as tighter control on discounting and fresh product launches helped steady demand.
- CEO Elliott Hill, appointed in October 2024, is resetting the business after years of excess inventory and heavy discounting across key markets. "This quarter, we took meaningful actions to improve the health and quality of our business," Hill said.
- The company posted earnings of 35 cents per share, surpassing analyst estimates of 31 cents, while Nike Brand revenues totaled $11 billion with Wholesale revenues rising 5% to $6.5 billion.
- Regionally, North America sales rose 3% and Europe, Middle East and Africa grew 2%, while Greater China fell 7%; inventories declined 1% to $7.5 billion at quarter's end.
- Despite the revenue beat, Nike shares fell 3.28% in after-hours trading as the company grapples with weakening demand in Greater China and competition from local rivals Anta and Ning.
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·Düsseldorf, Germany
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Coverage Details
Total News Sources12
Leaning Left1Leaning Right2Center7Last UpdatedBias Distribution70% Center
Bias Distribution
- 70% of the sources are Center
70% Center
C 70%
R 20%
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