Nike Grows Revenue Through Direct Channels -- Earnings Review
March 22 2018 - 5:06PM
Dow Jones News
By Imani Moise
Nike Inc. reported third-quarter earnings after the closing bell
Thursday. Here's what you need to know:
EARNINGS: The sportswear company swung to a loss of $921
million, or 57 cents a share, due to changes in U.S. tax laws that
dented earnings by $1.25 a share. Excluding this impact the company
reported earnings of 68 cents. Analysts polled by Thomson Reuters
had forecast adjusted earnings of 53 cents a share.
REVENUE: Sales rose 7% to $8.98 billion, driven by the company's
direct-to-consumer push. The consensus estimate from analysts was
$8.85 billion in revenue.
STOCK MOVE: Shares rose 5% to $67.60 in the extended session
after falling 2.9% during Thursday trading. The stock had risen 3%
so far this year through Thursday's close while the S&P 500 has
fallen 1.1%.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
March 22, 2018 16:51 ET (20:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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