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Nike (NKE) Q3 Revenue Tops Views

March 24, 2020 4:17 PM EDT

Nike (NYSE: NKE) reported Q3 EPS of $0.53, may not compare with the analyst estimate of $0.59. Revenue for the quarter came in at $10.1 billion versus the consensus estimate of $9.8 billion.

  • Diluted earnings per share was $0.53, including a $0.25 non-recurring, non-cash charge associated with the transition to a strategic distributor model in South America

COVID-19 Update

As discussed in our press release issued on February 4, 2020, operations in Greater China were materially impacted as a result of COVID-19. In the third quarter, on a currency-neutral basis, Greater China revenues were down 4 percent following 22 consecutive quarters of double-digit growth. However, during the first two months of the third quarter, Greater China’s revenue grew strong double digits, offset by the impacts of COVID-19 beginning in late January. At the peak in February, roughly 75 percent of NIKE-owned and partner doors in Greater China were closed with others operating on reduced hours. Currently, nearly 80 percent of doors are open in Greater China with an even higher rate in key cities. Beginning March 16th, all NIKE-owned stores, outside of Greater China, Japan and Korea were closed to help curb the spread of COVID-19.

NIKE, Inc. management will provide more detail on the financial and operational impacts of COVID-19 during the conference call later today.

For earnings history and earnings-related data on Nike (NKE) click here.



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