eastunder
2 months ago
NIKE, Inc. Announces Third Quarter Fiscal 2024 Earnings and Conference Call
February 22, 2024 04:15 PM Eastern Standard Time
BEAVERTON, Ore.--(BUSINESS WIRE)--NIKE, Inc. (NYSE: NKE) plans to release its third quarter fiscal 2024 financial results on Thursday, March 21, 2024, at approximately 1:15 p.m. PT, following the close of regular stock market trading hours. Following the news release, NIKE, Inc. management will host a conference call beginning at 2:00 p.m. PT to review results.
The conference call will be broadcast live over the Internet and can be accessed at https://investors.nike.com/. For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, April 11, 2024.
About NIKE, Inc.
NIKE, Inc., headquartered in Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at https://investors.nike.com/. Individuals can also visit https://about.nike.com/ and follow NIKE on LinkedIn, Instagram and YouTube.
DiscoverGold
4 months ago
Call Traders View Opportunity in Nike (NKE) Stock's Plummet
By: Schaeffer's Investment Research | December 22, 2023
• The security is eyeing its worst day since September 2022
• Nike will cut hundreds of jobs to save costs
Nike Inc (NYSE:NKE) capped off earnings reports for 2023 with better-than-expected second-quarter profits of $1.03 per share, though revenue missed the mark. The retailer also slashed its annual forecast and noted it will cut hundreds of jobs to save $2 billion in the next three years, as consumers remain cautious and online sales lag, spurring more promotions.
NKE was last seen down 10.3% at $109.87, following a downgrade from TD Cowen to "perform" from "outperform," and a price-target cut to $104 from $129. Another five firms cut their price objectives as well, while two raised theirs. Coming into today, 20 of the 28 analysts covering Nike stock rated it a "buy" or better.
The shares are today gapping below the 40-day moving average for the first time since early October, pivoting lower from their highest level since May as they eye their worst day since September 2022. For 2023, Nike stock now carries a more than 6% deficit.
Options traders are viewing this pullback as an opportunity. So far today, 92,000 calls and 75,000 puts have crossed the tape, volume that 21 times what is typically seen at this point. The weekly 12/22 110-strike call is the most popular contract, with positions being opened there and expiring at the close.
Nike stock is no stranger to bullish activity. The security's Schaeffer’s open interest ratio (SOIR) sits in the 2nd percentile of its annual range, pointing to a particularly strong call bias amongst short-term options traders.
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DiscoverGold
4 months ago
Nike cut at CFRA Research as 'company faces competition'
By: Investing | December 22, 2023
Nike (NYSE:NKE) was cut to Sell from Hold at CFRA Research on Friday, following the company's latest earnings release, which resulted in its shares tumbling over 11%.
The firm maintained a $91 per share price target on the stock, and its FY 24 and FY 25 EPS estimates of $3.50 and $3.75, respectively.
"NKE posts normalized Q2 EPS of $1.03 vs. $0.85, $0.18 above estimates on revenues of $13.39B vs. $13.32B and $39M below estimates," explained CFRA analysts. "Nike Direct sales increased 6% with Nike Digital increasing 4%. By region, North America revenues declined 4% Y/Y, Europe increased 2%, Greater China improved 4%, and APAC and Latin America increased 13%."
Nike's gross margin expanded 170 bps year-over-year to 44.6%, driven by higher strategic pricing and lower freight costs.
"Although Nike maintains a fortress balance sheet with significant capital returns, we believe the multiple will trend back down to pre-pandemic levels as the company faces competition from brands like HOKA and On while it looks for new growth drivers and focuses on cutting costs," added CFRA analysts.
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4 months ago
BofA sees Nike (NKE) reporting 2Q and 3Q sales miss
By: Investing | December 15, 2023
BofA raised its Nike (NYSE:NKE) price target to $130 from $110 in a note Friday. However, the firm said it is modelling a consensus sales miss for the sportswear giant in both 2Q and 3Q24.
While the firm expects Neutral-rated Nike to beat consensus EPS expectations, they note that with the stock trading at 32x P/E, the key debate has shifted to the sales turnaround.
In the firm's view, this quarter won’t answer the sales questions, nor will 3Q guidance. "The full year relies on a 4Q sales acceleration once 2023’s excess inventory sell-in is lapped," analysts said.
"We will look for signs of accelerating DTC (direct-to-consumer) trends and successful innovation as proof points for this ramp," the analysts added.
The investment bank believes that improving data points on China, a better narrative on the promotional environment, and more details about product innovation are needed to spark multiple expansion.
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DiscoverGold
5 months ago
Nike is an 'attractive margin recovery story' says Citi, upgrades stock to Buy
By: Investing | December 11, 2023
Citi analysts upgraded their recommendation on Nike (NYSE:NKE) stock to Buy from Neutral with a price target raised by $35 to $135 per share.
The athletic apparel retailer is “an attractive margin recovery story in a choppy macro,” analysts wrote in a note.
Citi's assessment of Nike highlights persisting top-line challenges while expressing increased optimism about the company's capacity to safeguard earnings per share in fiscal years 2024 and 2025 amid a potentially uneven economic backdrop.
The optimism is rooted in several factors:
1) An anticipated gross margin recovery from the second quarter of fiscal year 2024 through fiscal year 2025;
2) The introduction of new innovations in calendar year 2024, strategically timed ahead of the Paris Olympics; and
3) Nike's resilient position in China, despite ongoing macroeconomic volatility.
“Given the difficult comparisons in the NAM wholesale channel, challenging macro, challenging trends from NKE’s key retail partners in NAM and expected strong 2H sales recovery embedded in current guidance, we believe it is likely that mgmt will take a more conservative view toward 2H sales (and lower F24 sales guidance from +MSD to +LSD),” analysts said.
“However, we believe stronger GM/tight expense control will protect from an EPS reduction.”
Nike stock rose 1.8% while being down 1% year-to-date based on Friday’s closing price.
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5 months ago
State Board of Administration of Florida Retirement System Has $142.42 Million Stock Holdings in NIKE, Inc. (NKE)
By: MarketBeat | November 25, 2023
• State Board of Administration of Florida Retirement System reduced its stake in NIKE, Inc. (NYSE:NKE) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,290,344 shares of the footwear maker's stock after selling 74,239 shares during the period. State Board of Administration of Florida Retirement System owned 0.08% of NIKE worth $142,415,000 at the end of the most recent quarter...
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DiscoverGold
7 months ago
Nike shares gain 8% on big EPS upside; stock seen as an 'undervalued outperfomer'
By: Investing.com | September 29, 2023
Nike reported much better than expected fiscal first-quarter earnings that overshadowed a miss on revenue, pressured by weakness in North America and an economic slowdown in its key China market.
Nike Inc (NYSE:NKE) rose 8% in premarket Friday trade following the report.
Nike reported EPS of $0.94 on revenue of $12.94 billion. Analysts polled by Investing.com anticipated EPS of $0.75 on revenue of $13.02B.
Nike brand digital sales increased 2% but growth in EMEA, Greater China, and APLA was partially offset by a decline in North America.
Sales in North America fell 2%, while in China, a key market for the company, sales rose 5% to $1.74B, though was short of StreetAccount estimates of $1.84 billion.
Gross margin decreased 10 basis points to 44.2%, pressured by "higher product costs and unfavorable changes in net foreign currency exchange rates, largely offset by strategic pricing action," the company said. Inventory levels decreased by 10% year-over-year.
The company maintained its FY24 guidance.
Bernstein analysts said Nike delivered "a nice beat."
Nike used "the ~20c EPS beat to de-risk Q2 and cushion H2 - the best possible outcome we could have expected from this print. The combination of decelerating macro and debates on DTC and Running will keep an overhang over the stock ST - but we remain bullish on the stock LT as an undervalued outperformer, with EPS growth forecasts outperforming peers and valuation at a 5-yr low," they wrote in a note.
BofA analysts continue to see "a balanced risk/reward as an improving gross margin trajectory is offset by a challenging sales environment (particularly in wholesale).
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DiscoverGold
7 months ago
Earnings Preview: Nike Inc. (NYSE: NKE)
By: 24/7 Wall St. | September 27, 2023
• Here is a look at three companies set to release results late Wednesday or early Thursday.
Nike
Over the past 12 months, shares of athletic gear maker Nike Inc. (NYSE: NKE) have fallen by about 6%, including a decline of about 23% so far in 2023. The Dow Jones industrial average component needs to show significant recovery in China and some long-anticipated brand strength. The company’s own forecasts call for growth, even if only modestly, in the first quarter of the new fiscal year. Nike reports results later on Thursday.
Of 36 brokerages covering the stock, 23 have a Buy or Strong Buy rating. Ten more have Hold ratings. At a price of around $90.00 a share, the upside potential based on a median price target of $125.00 is about 39%. At the high price target of around $152.00, the implied upside is almost 69%.
For the company’s first quarter of fiscal 2024, revenue is expected to come in at $13 billion, up 1.4% sequentially and 2.4% higher year over year. Adjusted EPS are forecast at $0.76, up 14.9% sequentially and by 10.6% year over year. For the full fiscal year ending next May, estimates call for EPS of $3.68, up 13.9%, on sales of $53.45 billion, up about 4.4%.
Nike stock trades at 24.6 times expected 2024 EPS, 21.0 times estimated 2025 earnings of $4.30 and 18.2 times estimated 2026 earnings of $4.97 per share. The 52-week range is $82.22 to $131.31. Nike pays an annual dividend of $1.36 (yield of 1.51%). Total shareholder return for the past year was negative 4.90%.
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7 months ago
Nike upgraded at CFRA as pullback makes shares more attractive
By: Investing.com | September 27, 2023
CFRA analysts upgraded Nike (NYSE:NKE) shares to Hold from Sell while maintaining a 12-month price target of $88.
The analysts noted that Nike’s current valuation is slightly below the company's 10-year average forward P/E multiple of 29.4x but remains close to its three-year average prior to the pandemic.
Since August 10, Nike shares are down about 20%.
“We continue to believe the Nike brand is one of the most iconic brands around the world and deserves a premium valuation compared to many of its peers due to its strong balance sheet, large share buyback program, and consistent execution by management,” the analysts wrote in a client note.
“We expect the next 12 months to be tough for NKE in the U.S. as the low- to middle-income consumer's savings is back below pre-pandemic levels, but believe NKE can achieve our EPS estimate and now see value emerging in shares.”
Nike stock closed at $90.17 per share on Tuesday. The stock is up 0.4% in early Wednesday trade.
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WealthWizard
7 months ago
The stock market has seen a recovery in 2023, but blue chip stocks like Nike $NKE, Verizon Communications $VZ, Walgreens Boots Alliance $WBA, and MMM $3M, have experienced significant sell-offs, down over 15% year to date. Despite high yields and dividend raises, these stocks have experienced slowing earnings growth and minimum dividend raises for years. $NKE Nike is the best buy due to its clear future growth path.
DiscoverGold
7 months ago
Analyst: Chinese Macro Headwinds Threaten Nike Inc. (NKE) Stock
By: Schaeffer's Investment Research | September 25, 2023
• Jefferies downgraded NKE to "hold"
• The analyst cited macro headwinds from China
Jefferies downgraded blue-chip apparel maker Nike Inc (NYSE:NKE) to "hold" from "buy," and cut its price target to $100 from $140. The analyst said an "incremental risk" exists due to lackluster U.S. wholesale demand and Chinese macro headwinds.
In response, Nike stock is down 1.7% in premarket trading, looking to open at $89.35 -- its lowest level since November. Coming off of a record losing streak, NKE's 10-day moving average has guided shares lower in recent weeks. Year to date, the stock is down 22.4%.
There's room for additional optimism to unwind amongst the brokerage bunch. Coming into today, 19 of 26 covering analysts rate Nike stock a "buy" or better. Further, the 12-month average price target of $121.90 is a 34.2% premium to Friday's close.
Now might be the time to speculate on the security's next move with options. NKE's Schaeffer's Volatility Scorecard (SVS) sits at a high 89 out of 100, meaning it has exceeded option traders' volatility expectations during the past year.
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DiscoverGold
8 months ago
1832 Asset Management L.P. Grows Position in NIKE, Inc. (NKE)
By: MarketBeat | September 9, 2023
• 1832 Asset Management L.P. boosted its stake in NIKE, Inc. (NYSE:NKE) by 1.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,886,809 shares of the footwear maker's stock after purchasing an additional 56,901 shares during the quarter. NIKE comprises 1.0% of 1832 Asset Management L.P.'s portfolio, making the stock its 29th largest position. 1832 Asset Management L.P. owned about 0.25% of NIKE worth $476,678,000 as of its most recent filing with the SEC...
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8 months ago
Nike (NKE) defended at Stifel after recent selloff erased $18 billion in market value
By: Investing.com | August 28, 2023
Stifel analysts lowered their price target on Nike (NYSE:NKE) to $135 per share to reflect incremental FX and China pressures.
They noted that shares are down over 10% in August, which prompted higher investor interest in this retailer.
“We view negative revisions from these retailers company-specific and remain comfortable with NKE North America estimates which already presumed wholesale declines against difficult compares,” the analysts said in a note.
Moreover, they highlighted economic issues and cautious consumer sentiment in Greater China as a “greater than anticipated headwind.”
“In the multi-year plan outlined in June 2021, Greater China was planned at a low to mid-teens CAGR and outlined as ~30% of incremental revenue. While other regions have paced ahead of objectives (notably North America +12% vs. M/HSD objective), China remains central to the growth algorithm.”
“Until a more buoyant view on China becomes tangible, the normalized growth algorithm looks more like +HSD vs. more ambitious +LDD aspirations. We note, fiscal stimulus in China could bring a sudden change to sentiment and growth outlook for the region,” they further noted.
Still, the analysts reiterated a Buy rating as they remain constructive on margin prospects.
Nike’s recent stock losses wiped out more than $18 billion in market value.
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DiscoverGold
8 months ago
Options Bears Eye Nike (NKE) Stock's Record Losing Streak
By: Schaeffer's Investment Research | August 24, 2023
• Puts are running at double the intraday average volume
• NKE is fresh off 10 consecutive losing sessions
Nike Inc (NYSE:NKE) is in the midst of a record losing streak, fresh off 10-straight daily losses, amid stockpiling inventory and China's consumer woes. A dismal annual forecast from Dick's Sporting Goods (DKS) didn't help things yesterday, as the athletic portion of the retail sector took a large hit after the news.
Nike stock is slightly higher at last glance, up 0.2% at $98.95. Yesterday's slide sent the shares below the $100 level for the first time since November, while NKE's 320-day moving average has been keeping a lid on gains since mid-May. Year-to-date, the equity is down 15.9%.
It's worth noting that the security's relative strength index (RSI) of 11.2 sits deeply in "oversold" territory, which typically indicates a short-term bounce is on the way. Options bulls don't appear to be buying in on the dip, however. So far today, 15,000 puts have been exchanged, which is double the amount typically seen at this point. The weekly 9/22 95-strike put is the most active, with new positions being bought to open there.
Now looks like a good time for options traders to weigh in, as NKE is seeing attractively priced premiums at the moment. The stock's Schaeffer's Volatility Index (SVI) of 26% ranks in the 16th percentile of its annual range, meaning options traders are pricing in low volatility expectations.
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4 months ago
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