NIKE beats by $0.07, misses on revs; Futures +17% ex-FX, ~in-line:
- Reports Q3 (Feb) earnings of $0.55 per share, $0.07 better than the Capital IQ Consensus of $0.48; revenues rose 7.7% year/year to $8.03 bln vs the $8.2 bln Capital IQ Consensus. Strong consumer demand drove revenue growth across the NIKE Brand portfolio.
- Revenues for the NIKE Brand were $7.6 billion, up 15 percent on a currency neutral basis driven by growth in every geography and nearly all key categories.
- Gross margin was 45.9% vs. 45.4% guidance, flat compared to prior year.
- Gross margin benefited from higher average selling prices and continued growth in the higher margin Direct to Consumer (:DTC) business, which were offset by unfavorable changes in foreign currency exchange rates, higher warehousing costs, and the impact of clearing excess inventory in North America.
- During the third quarter, NIKE, Inc. repurchased a total of 24.3 million shares for ~$1.5 billion.
- Futures Orders +12%; +17% in constant currency vs. estimates in the mid to high teens ex-FX.
- Futures as reported (ex-FX): North America +10%, W. Eur +16% (+23%), C & Eur +5% (+14%), China +28% (+36%), Japan +23% (+24%), Emerging -3% (+14%).
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