×
74 665
Fashion Jobs
JCPENNEY
Asset Protection Manager, Holyoke, ma
Permanent · Holyoke
NORDSTROM
Asset Protection - Security Ambassador - Northshore
Permanent · Peabody
NORDSTROM
Asset Protection - Agent - Belle Isle Station Rack
Permanent · Oklahoma City
NORDSTROM
Asset Protection - Agent - City Creek Center
Permanent · Salt Lake City
RALPH LAUREN
General Manager
Permanent · Southampton
URBN
pv Rittenhouse | Assistant General Manager (m&v)
Permanent · PHILADELPHIA
URBN
Free People Assistant Visual Manager
Permanent · NASHVILLE
SACKS
Lead, Inventory Control And Quality Insurance, 2nd Shift
Permanent · WILKES-BARRE
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Warsaw
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · North Andover
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Saint Joseph
KOHLS
Senior Product Manager, Marketplace, Remote
Permanent · Menomonee Falls
SALLY BEAUTY CORPORATE
00014 Certified Color Consultant
Permanent · LOS ANGELES
SALLY BEAUTY CORPORATE
Usa-100598-Product Owner - Digital
Permanent · DENTON
SALLY BEAUTY CORPORATE
Usa-100598-Product Owner - Digital
Permanent · DENTON
DECKERS
Stock Operations Lead, Ugg
Permanent · WHITE PLAINS
BLOOMINGDALE'S
Manager, Sales - Shoes/Handbags
Permanent · HUNTINGTON STATION
BLOOMINGDALE'S
Asset Protection Detective, Full Time, San Francisco
Permanent · SAN FRANCISCO
ADIDAS
Retail General Manager Adidas - Citadel Outlets 6202, Commerce ca
Permanent · COMMERCE
BLOOMINGDALE'S
Manager, Sales - Womens Denim
Permanent · New York
BLOOMINGDALE'S
Manager, Sales - Fine Jewelry/Handbags
Permanent · Boca Raton
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Full Time - Soho
Permanent · New York
By
Reuters
Published
Mar 20, 2015
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Nike profit trumps Street, strong dollar weighs on forecast

By
Reuters
Published
Mar 20, 2015

Nike Inc's quarterly profit beat market estimates as the world's largest sportswear maker sold more higher margin shoes and apparel, but the company warned Wall Street that the stronger dollar would take a toll on its current quarter.

Investors, however, ignored the warning, sending its shares up 4.5 percent to $102.75 in heavy after-hours trading on Thursday.

Nike


Orders for shoes and apparel scheduled for delivery from March through July 2015 at the end of the third quarter, a gauge of demand Nike calls "futures orders," rose 11 percent globally, excluding the impact of currency exchange rate fluctuations. Analysts had expected a 9.9 percent rise.

Futures orders growth would have been even higher if the results were not compared to the strong growth last year due to the soccer World Cup, Trevor Edwards, president of the Nike brand said on a post-earnings conference call.

"This is another just rock solid quarter .. it is really impressive for a company of this size ... they are firing on all cylinders," Edward Jones analyst Brian Yarbrough said, pointing to Nike's forward orders beat, profit jump and gross margin expansion due to increased sales of high margin products.

Sales of footwear, the company's largest and most profitable business, rose 8 percent in the third quarter, while apparel sales rose 3 percent, Nike said.

Demand for the company's Jordan, LeBron, Kobe and KD basketball shoe brands have been strong in the United States. The company's running shoe brands, including Free 5.0, Roshe Run, Huarache, and Max Air, have also been doing well.

Nike said it expects current-quarter sales growth to be in the "low double-digits", adjusting for currency fluctuations. When accounting for the stronger dollar, the growth is expected decrease by about eight to nine percentage points.

The growing strength of the dollar will also hurt the company's revenue, gross margin and profit next year, Chief Financial Officer Don Blair said on the call.
Net income rose 16 percent to $791 million, or 89 cents per share in the third quarter ending Feb. 28. Gross margins expanded 1.4 percentage point to 45.9 percent.

Revenue from North America rose 6 percent in the quarter, while sales in western Europe and China showed double-digit growth.

Total revenue increased 7 percent to $7.46 billion.

Analysts on average expected a profit of 84 cents on revenue of $7.62 billion, according to Thomson Reuters I/B/E/S.

$1 = £0.68

© Thomson Reuters 2023 All rights reserved.