×
99 416
Fashion Jobs
ESTÉE LAUDER
Consultant Retail-Beauty - Clinique - Full Time - Bellevue-Nordstrom - Bellevue,wa
Permanent · Bellevue
HOMESENSE
Loss Prevention Detective
Permanent · Woburn
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Woodland Park
MACY'S
Colleague, Visual Security Officer, Baldwin Hills Crenshaw Plaza - Flex
Permanent · Los Angeles
MACY'S
Asset Protection Detective, Ala Moana - Full Time
Permanent · Honolulu
MACY'S
Colleague, Visual Security Officer, Lakewood Center - Flex
Permanent · Lakewood
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Fresno
L'OREAL GROUP
Vice President, Creative - Kiehl's Dmi (Global Creative)
Permanent · New York
KOHLS
Full-Time Loss Prevention Officer
Permanent · City of Industry
KOHLS
Full-Time Loss Prevention Officer
Permanent · Vacaville
MICHAEL KORS STORES LLC
Full Time Sales Supervisor, Brookfield Place Nyc
Permanent · Rochester Metropolitan Area
ROSS STORES
Store Protection Specialist
Permanent · Houston
TJ MAXX
lp Detective
Permanent · Homestead
TJ MAXX
70118-Loss Prevention Detective, Newbury st, Boston, ma
Permanent · Boston
HOMEGOODS
lp Detective
Permanent · Frederick
TJ MAXX
70118-Loss Preventon Detective, Downtown Boston, ma
Permanent · Boston
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Chattanooga
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Norman
MACY'S
Asset Protection Detective, Bridgewater Commons - Full Time
Permanent · Bridgewater Township
MACY'S
Asset Protection Security Guard, Presidential Markets - Full Time
Permanent · Snellville
MACY'S
Asset Protection Detective, Santa Ana Mainplace - Part Time
Permanent · Santa Ana
MACY'S
Asset Protection Detective, Reno Meadowwood - Full Time
Permanent · Reno
By
Reuters API
Published
Dec 21, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Nike shares rise as strong quarterly results allay China demand concerns

By
Reuters API
Published
Dec 21, 2018

Nike Inc shares rose 8 percent on Friday, after the company's solid quarterly results eased worries that escalating trade tensions between Washington and Beijing would weigh on China demand and hurt the sportswear maker's growth story.




The company's double-digit percentage growth in China was in addition to strong demand in North America, Nike's biggest and most competitive market, where sales got a boost from higher full-priced sales and a rebound in Jordan sneakers.

In a note titled "A perfect quarter in an imperfect world," Jefferies analyst said that Nike's results this quarter were perfect amidst global trade disruption cited by FedEx.

Earlier this week, FedEx Corp stunned markets with a drastic cut in its full-year profit forecast, citing global trade worries.

On a post earnings call with analysts on Thursday, Nike's Chief Financial Officer Andy Campion said that the company had not seen any impact from the ongoing trade friction.

"Clear indications of better sales in the U.S. and elsewhere, including China, should help to comfort investors increasingly worried about the potential for macro slowdown," Oppenheimer analyst Brian Nagel said.

Nike has focused on new launches as well as on a direct-to-customer model of own stores and online sales to temper the hit from bankruptcies of sports retailers and competition from the likes of Adidas AG and Under Armour Inc in the United States.

Its efforts have borne fruit. The company engineered a rebound in its North America market, clawing back market share from global rivals.

"Nike is boxing out its competition ... the results illuminate the progress that Nike has made, and the guidance, which appears conservative, highlights the opportunities ahead," Susquehanna analyst Sam Poser wrote in a note.

For 2019, Nike forecast revenue to rise in the high single-digit percentage range and potentially touching double-digit growth.

At least two brokerages upgraded the stock to their highest rating following the company's better-than-expected results.

Overall, Wall Street's sentiment on the stock is bullish, with 24 of the 37 analysts covering the stock rating it "buy". The median price target on the stock is $87, while Nike's shares were trading at $73.20 in early trading.

"In the end, China sales concerns have been diminished and Nike is executing solid strategies which should continue to drive increasingly profitable global market share gains," Wedbush Securities analyst Christopher Svezia said.

© Thomson Reuters 2021 All rights reserved.