NIKE beats by $0.06, beats on revs
- Reports Q2 (Nov) earnings of $0.52 per share, $0.06 better than the S&P Capital IQ Consensus of $0.46; an increase of 13% percent driven by double-digit revenue growth, gross margin expansion and a lower average share count, partially offset by higher selling and administrative expenses and a higher effective tax rate.
- Revenues rose 9.6% year/year to $9.37 bln vs the $9.17 bln S&P Capital IQ Consensus. Revenues for the NIKE Brand were $8.9 billion, up 14% on a currency-neutral basis driven by accelerated growth across all geographies and in NIKE Direct, led by digital. Revenue grew in nearly every key category led by Sportswear with well-balanced double-digit growth across footwear and apparel globally.
- Revenue by region ex-FX: North American +9%, EMEA +14%, Greater China +31%, APAC/LATAM +15%
- Revenue by category ex-FX: Footwear +15%, Apparel +14%, Equipment +4%
- Gross margin increased 80 basis points to 43.8% vs. 43.5% consensus, primarily driven by higher average selling prices and margin expansion in NIKE Direct, partially offset by higher product costs. Selling and administrative expense increased 14% to $3.1 billion vs. low-teens guidance. Inventories +1%
- During the second quarter, NIKE repurchased a total of 16.1 million shares for ~$1.3 billion
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