This represents a 108% increase due primarily to growth in revenue, an expansion of the company's gross margin expansion, and a lower effective tax rate. Nike expects revenue growth to range from the high single digits to the low double digits this fiscal year, with gross margins staying flat. facts. EBIT was $1.2 billion, about 14% of the total. Accessed Aug. 24, 2020. Net income fell by 37.0% in FY 2020 compared to a rise of 108.4% in FY 2019. That’s a big jump for Nike, which lost $790 million earlier this year, thanks to the global, “The accelerated-consumer shift toward digital is here to stay,”, Donahoe told analysts on the conference call Tuesday evening. Chief Financial Officer Matt Friend said Nike digital growth accelerated in each month of the quarter, even as stores reopened, and the trend is continuing. EBIT was $2.5 billion, comprising about 30% of the total. Moreover, it currently sports a Zacks Rank #1 (Strong Buy). Social Security's 2021 Hike Expected To Be Smallest In Years, When To Sell Stocks: Big Break Below 50-Day Line Can Mark End Of A Huge Run, Gold mid-year outlook 2020: Recovery paths and impact on performance, Stocks Jump Back Into Positive Ground In Volatile Trade, posted weaker-than-expected earnings earlier this month, Dow Jones Sinks Over 500 Points But This Blue Chip Soars On Earnings, Dow Jones Drops As Bears Batter Bulls; Apple Stock Surrenders Key Support, Dow Jones Dives 400 Points As Selling Ramps Up; Nasdaq Drops Over 2%, Dow Jones Reverses Lower, But Nike Surges On Earnings; Apple Downgraded, While Tesla Dives 9% After Battery Day, Dow Jones Today Jumps, Nasdaq Dips As Nike Rallies; J&J Vaccine Enters Phase 3, Is Lululemon Stock A Buy Right Now?
Although the top line benefited from robust digital sales, lower revenues at Wholesale business and NIKE-owned stores led to the decline. Further, the company continues to invest in the digital business and transformation. Today, that discovery is still the heart of the Zacks Rank.
The company reduced the hours at its other locations in China because of lower foot traffic. Nike Inc. "Form 10-K for the fiscal year ended May 31, 2020," page 35.
“We continue to drive investment in capabilities that will fuel our consumer-led digital transformation, catalyzing long-term growth and profitability for Nike.”. While Nike wouldn't provide specific fiscal 2021 guidance, Friend said full-year revenue will be flat to up vs. 2020, though the first half will be down. As a percentage of sales, SG&A expenses declined 310 bps to 28.1%.Notably, demand-creation expenses declined 33% year over year to $677 million due to lower marketing spend, offset by continued investments in digital business to support increased demand. Europe, Middle East, and Africa (EMEA) is a geographical division used by many multinational corporations. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>. Things have been going well for Nike. For details, please see your browser’s Help section (by pressing F1). Year-over-year (YOY) describes how investors can see a difference in financials or information of a company between comparable quarters or years. The decline in company's annual Sales accelerated, from the 7.47 % gain, in the fiscal year ended 2019. Revenues for the three-month period ending Aug. 31 topped $10.5 billion, down from $10.6 billion a year earlier. Athleisure leader Lululemon Athletica (LULU), which posted weaker-than-expected earnings earlier this month, eased 1.9%. Then you will be able to mark statistics as favourites and use personal statistics alerts. Nike jumped as much as 12% on Wednesday after the sportswear giant trounced expectations for fiscal first-quarter earnings and sales.
These strengths, coupled with our digital acceleration, are unlocking Nike’s long-term market potential.”. A new documentary goes behind the scenes at Jean Paul Gaultier’s farewell show. Approximately 90% of the companies stores across its other geographic segments, including North America, Europe Middle East & Africa, and Asia Pacific & Latin America, were closed for about eight weeks., Nike breaks its financial metrics into three categories: NIKE Brand; Converse; and Corporate.
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