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Nike (NKE) -3.97%, FedEx (FDX) +6.10% after latest reports
Nike (NKE) ended Friday’s session 3.97% lower after the sportswear manufacturer fell short of the Wall Street consensus for revenue following pandemic-related disruptions.
Late on Thursday, Nike posted $0.90 earnings per share for Q3, which was 14 cents higher than the pre-report forecasts, but the $10.4bn revenue was $600m shy of expectations ($11bn).
CEO John Donahoe said that the company was working steadfastly to “create the seamless, premium marketplace of the future”.
He added: “I’ve never been more confident in our leadership and teams to operate with agility in a dynamic environment.”
Like many clothing companies, Nike was hit by store closures and restrictions related to the COVID-19 pandemic in Q4 as revenue slumped 11% in the North American region.
Nike also had issues with its inventory as shipments were delayed by several weeks during the quarter due to container shortages and congestion at ports in the US.
However, Nike’s online channels thrived as digital sales soared 59% and its direct-to-consumer division delivered growth of 20% with revenue of $4bn.
While its footwear segment saw declines in both North America and Europe, China fared better with overall revenue climbing 42% compared to a year ago.
The mixed nature of the report meant that Nike traded lower on the New York Stock Exchange on Friday.
NKE went into the red after the first bell and eventually finished down 3.97% at $137.49.
Courier company FedEx (FDX) went in the opposite direction and closed 6.10% higher on Friday after its fiscal Q3 report impressed investors.
FedEx said that its adjusted earnings for the three months to 28th February were $3.47 per share versus the $3.30 consensus.
Revenue of $21.51bn jumped 23% year over year and handily beat the $19.96bn forecast.
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