Did Nike's Turnaround Just Begin?
Nike (NYSE: NKE) stock jumped 16% on Friday following its fiscal fourth-quarter earnings report the night before. That move would be the biggest one-day percentage gain for the stock in several years.
Nike has been in a downward spiral since its peak in 2021 as a strategic shift toward the direct-to-consumer channel under former CEO John Donahoe flopped. However, after offering guidance for the first quarter of the new fiscal year that topped expectations, management seemed to give investors a ray of hope for the first time in years.
As expected, fourth-quarter results were ugly, but they still topped expectations. Revenue fell 12% to $11.1 billion, but that was ahead of $10.72 billion, and gross margin contracted by 440 basis points to 40.3% due to increased discounts to clear inventory and a shift to the wholesale channel. On the bottom line, the company reported earnings per share of just $0.14, down from $0.99 in the quarter a year ago, but that was slightly ahead of expectations of $0.12.
Source Fool.com
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