Resonating product drives Q3 margin beat
Nike reported adj Q317 EPS of $0.68 vs consensus $0.53, with both revenues and gross margin ahead of expectations. The gross margin beat is especially meaningful given it is evidence of strong new launches and overall product performance as well as good progress on improving the quality of wholesale distribution. Initial FY19 guidance is aligned with consensus, but the improving revenue and gross margin trends should set the stock on a positive trajectory. Nike continues to be our top pick for the long-term.NIKE is engaged in the design, development and marketing and selling of athletic footwear, apparel, equipment, accessories and services. The company focuses its NIKE Brand product offerings in Running, NIKE Basketball, the Jordan Brand, Football (Soccer), Training and Sportswear categories. The company markets products designed for kids, as well as for other athletic and recreational uses such as American football, baseball, cricket, golf, lacrosse, tennis, walking, and other outdoor activities. The company has license agreements that permit unaffiliated parties to manufacture and sell, using the company-owned trademarks, certain apparel, digital devices and applications and other equipment designed for sports activities.
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