Trending: Nike Starts to Trim Excess Inventories
March 22 2023 - 01:04AM
Dow Jones News
0434 GMT - Nike Inc. is one of the most mentioned companies in
the news over the past 12 hours, according to Factiva data, after
it reported higher-than-forecast profit for its third quarter. The
sportswear company said its net profit fell by 11% in the three
months ended Feb. 28 and that it was starting to trim inventories.
Profit of $1.2 billion was well above the $837.8 million estimate
by analysts in a Factset compilation. Nike said its inventories
totaled $8.9 billion as at Feb. 28, compared with $9.3 billion at
the end of its second quarter, which was 43% higher than a year
earlier. Shares rose 3.6% to $125.61 a share during regular trading
and briefly spiked above $130--after it posted its earnings. Dow
Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)
(END) Dow Jones Newswires
March 22, 2023 00:49 ET (04:49 GMT)
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