Report
Q218 - Improvement coming through as expected
Nike reported Q218 EPS of $0.46 vs consensus $0.40, with revenue growth of 5% vs guidance low-single-digits and 3% consensus. Gross margin declined 120bp but was better than expected. ASPs were positive, DTC delivered strong growth, +15%, basketball was up double-digits, int'l was up in the low teens. The reduction in North America wholesale is progressing as guided, with the region down 5% overall. The stock declined slightly after hours on lower than expected Q3 guidance, though this appears to be driven primarily by timing, with the FY guidance reiterated and Q4 expected to show significant inflection.
Underlying
Nike, Inc.
Provider
Atlantic Equities
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
Daniela Nedialkova, CFA
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