Nike's Futures Orders Grabbing Headlines, but Manufacturing/Mobile Efforts More Crucial Longer-Term
While the market is justifiably focused on Nike's softer-than-expected future orders (up 5%, or 7% on a constant-currency basis, versus consensus of 8%), 200 basis points of gross margin contraction to 45.5%, and 11% year-over-year increase in inventories, we believe Nike's brand intangible asset--the key factor behind our wide moat rating--is intact, evidenced by an uptick in average selling prices for full-price products. More importantly, we believe Nike is taking steps to accommodate evolvin...
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