Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Nike Inc (NYSE: NKE) reported upbeat earnings and sales results for its third quarter on Thursday.
Nike reported third-quarter revenue of $12.429 billion, which was up slightly year-over-year. The revenue total beat a Street consensus estimate of $12.281 billion according to data from Benzinga Pro. Nike reported adjusted earnings per share of 98 cents, which beat a Street consensus estimate of 74 cents per share.
The company reported that Nike Direct revenue was $5.4 billion, up slightly year-over-year. Nike Brand Digital sales were down 3% year-over-year in the quarter. Wholesale revenue of $6.6 billion was up 3% year-over-year.
The Nike brand had sales of $11.9 billion, which was up 2% year-over-year. Converse brand revenue was $495 million in the quarter and down 19% year-over-year.
"We are making the necessary adjustments to drive NIKE’s next chapter of growth," said John Donahoe, President & CEO, NIKE, Inc. "We’re encouraged by the progress we’ve seen, as we build a multiyear cycle of new innovation, sharpen our brand storytelling and work with our wholesale partners to elevate and grow the marketplace."
Nike shares fell 6.1% to $94.64 in pre-market trading.
These analysts made changes to their price targets on Nike following earnings announcement.
- Goldman Sachs cut the price target on Nike from $135 to $120. Goldman Sachs analyst Brooke Roach maintained a Buy rating.
- UBS slashed the price target on Nike from $138 to $125. UBS analyst Jay Sole maintained a Buy rating.
Check This Out: FedEx, Nike And 3 Stocks To Watch Heading Into Friday
Latest Ratings for NKE
| Mar 2022 | Cowen & Co. | Maintains | Outperform | |
| Jan 2022 | Wells Fargo | Upgrades | Equal-Weight | Overweight |
| Jan 2022 | Seaport Global | Initiates Coverage On | Buy |
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.