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Nike Posts Surprise Profit Increase, Tops Expectations
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Nike posted better-than-expected earnings but said its forward orders fell 12 percent, sending shares of the company lower.
The maker of athletic shoes and apparel said after markets closed Wednesday that it earned 99 cents a share in its fiscal fourth quarter, excluding one-time items. Nike reported revenue of $4.71 billion during the period.
On a comparable basis a year ago, Nike turned a profit of 98 cents a share on a topline of $5.088 billion.
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CNBC.com |
Analysts who follow the company saw it reaping a profit of 96 cents a share on sales of $4.721 billion, according to a consensus estimate compiled by Thomson Reuters.
Nike's gross margin for the quarter came in at 43.4 percent, versus 45.8 percent last year.
Shares of Nike were down about 5 percent in after-hours trading Wednesday.
The stock [NKE
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] finished the regular New York Stock Exchange session 0.97 percent lower at $53.02.
During the quarter, Nike reduced several layers of management and cut more than 1,750 jobs worldwide, or 5 percent of its global work force. About 500 of the jobs lost were at Nike's world headquarters in Beaverton, Ore.
The cuts come on top of other measures that the company has taken—including a hiring freeze and tight inventory controls—to improve its bottom line as the economic meltdown took a toll on its sales.
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