When Nike Inc. (NYSE: NKE) released its fiscal second-quarter financial report after the markets closed on Thursday, it posted $0.46 in earnings per share (EPS) and $8.55 billion in revenue. That compares with consensus estimates from Thomson Reuters of $0.40 in EPS and revenue of $8.4 billion. In the same period of last year, the apparel giant said it had EPS of $0.50 and $8.18 billion in revenue.
In terms of its regional business segments Nike reported:
- North America revenues dropped 5% to $3.49 billion.
- Europe, Middle East & Africa revenues rose 19% to $2.13 billion.
- Greater China revenues rose 16% to $1.22 billion.
- Asia Pacific & Latin America revenues rose 6% to $1.27 billion.
Revenues for Converse were $408 million, down 4% on a currency-neutral basis, as international growth was more than offset by declines in North America.
Total Nike Footwear revenues increased 4% to $5.03 billion and total Apparel revenues grew 9% to $2.76 billion.
On the books, Nike’s cash, cash equivalents and short-term investments totaled $6.4 billion at the end of the quarter, up from $5.9 billion at the end of the same period from last year.
Mark Parker, board chair, president and chief executive of Nike, commented:
This quarter, led by our Consumer Direct Offense, we accelerated international growth and built underlying momentum in our domestic business. For the back half of the fiscal year, NIKE’s innovation line-up is as strong as it’s ever been and we’ll continue to actively shape retail through new differentiated experiences.
Shares of Nike closed Thursday at $64.77, with a consensus analyst price target of $62.47 and a 52-week range of $50.35 to $65.19. Following the announcement, the stock was down about 2.5% at $63.20 in early trading indications Friday.
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