Nike (NKE) Tops Q3 EPS by 4c; Futures Orders Up 2% (11% ex. FX)
Nike (NYSE: NKE) reported Q3 EPS of $0.89, $0.04 better than the analyst estimate of $0.85. Revenue for the quarter came in at $7.5 billion versus the consensus estimate of $7.65 billion.
Inventories for NIKE, Inc. were $4.2 billion, up 12 percent from February 28, 2014, driven by a 12 percent increase in NIKE Brand wholesale inventories as well as higher inventories associated with growth in DTC. NIKE Brand wholesale inventories were higher due to a 17 percent increase in units, while changes in the average product cost per unit, combined with the impact of changes in foreign currency exchange rates, decreased growth by approximately 5 percentage points.
Futures Orders
As of the end of the quarter, worldwide futures orders for NIKE Brand athletic footwear and apparel scheduled for delivery from March 2015 through July 2015 were 2 percent higher than orders reported for the same period last year. Excluding currency changes, reported orders would have increased 11 percent.*
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