Nike reports declining quarterly revenue and comparable sales
Nike reported net revenue decreased 4% to $2.4 billion, comparable sales decreased 9%, and gross margin increased 200 basis points to 60.5%. Multiple commenters discussed the results as evidence of Nike's declining growth and competitive pressure from cheaper competitors.
Detected & updated continuously · Source: Nebula
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@DumbNutter
* Net revenue decreased 4% to $2.4 billion, or decreased 5% on a constant dollar basis. * Americas net revenue decreased 8%. * International net revenue increased 4%, or 2% on a constant dollar basis. * Comparable sales decreased 9%, or 10% on a constant dollar basis. * Americas comparable sales decreased 12%. * International comparable sales decreased 3%, or 6% on a constant dollar basis. * Gross profit decreased 1% to $1.5 billion and gross margin increased 200 basis points to 60.5%. Their growth has crawled to a halt. They were already a niche market, with really no path to expand into other products. Nike is still diverse and a major presence all over the world. Their chance of comeback is much higher.
@DumbNutter
Just like Nike. Getting destroyed by the cheap China companies
@BetterThanOP
Judging by what happened to Nike I wouldn't bet on this reversing anytime soon