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Home Economie

Nike’s sales come in lower than expected in the fiscal third quarter.

by souhaib
March 18, 2021
in Economie
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Nike’s sales come in lower than expected in the fiscal third quarter.
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Nike Inc. (NYSE: NKE) said on Thursday that its sales in the fiscal third quarter fell shy of what analysts had anticipated due to the COVID-19 restrictions. The company, however, posted better than expected per-share earnings in Q3.

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Nike shares closed the regular session more than 0.5% down on Thursday. In after-hours trading, the stock lost another 2.5%. Including the price action, Nike is now exchanging hands at £100.16 per share after recovering from a low of £45.09 per share in the last week of March 2020, when the COVID-19 crisis wreaked havoc on its stores.


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Nike had started the year at a per-share price of £100.59 after recording close to a 40% growth in the stock market last year. At the time of writing, it has a market cap of £130.71 billion and a price to earnings ratio of 81.61.

Nike’s Q3 financial results versus analysts’ estimates

According to Refinitiv, experts had forecast the company to print £7.91 billion of sales in the third quarter. Their estimate for per-share earnings stood at 54.57 pence. In its report on Thursday, Nike topped earnings expectations posting a higher 64.62 pence per share. Its sales in Q3, however, came in at a lower £7.44 billion.

In separate news from the U.S., telemedicine company Hims & Hers Health also published its quarterly earnings report on Thursday.

Nike said that its net income in the recent quarter registered at £1.04 billion versus the year-ago figure of £608.15 million. The American multinational’s sales in the comparable quarter of last year were capped at £7.25 billion. Nike’s revenue returned to the growth zone in the prior quarter (Q2).

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Other prominent figures in Nike’s earnings report

Other prominent figures in Nike’s earnings report on Thursday include a 10% annualised decline in revenue in North America, which was offset by a 51% year over year increase in sales in China. In the Middle East, Europe, and Africa, the Beaverton-headquartered company saw a 60% increase in its online sales.

Digital sales for the Nike brand in Q3 registered a 59% annualised increase. The U.S. firm’s direct-to-consumer business, on the other hand, grew 20% in the third quarter. CFO Matt Friend commented on the financial update on Thursday and said:

“We continue to see the value of a more direct, digitally-enabled strategy, fuelling even greater potential for Nike over the long term.”



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