How Nike is sustaining its momentum |
| MarketWatch - Dec 21, 2012 |
Shares of Nike Inc. /quotes/zigman/235840/quotes/nls/nke NKE +6.16% surged 5% to $103.91 on Friday as the biggest gainer in the S&P 500 index.
The gain came after the sneaker giant late Thursday reported a second-quarter adjusted profit that came in better than estimate. Gross margin narrowed less than expected, while sales and orders in North America and China also cheered investors.
Among the bright spots, North American sales jumped 17% in quarter ended Nov. 30, continuing a run of double-digit sales gains, while orders of shoes and clothing for delivery from December through April climbed 14%. Both measures in the company’s largest market topped Wall Street expectations.
While sales excluding currency impact in the China region, a key expansion market, fell 12%, orders showed a slower rate of decline of 7%. Read more: Nike net falls 18% on discontinued operations.
“There was a fairly high level of concern moving into the print around conditions in China and the potential for slowing growth in North America,” said Susquehanna Financial Group analyst Christopher Svezia. “These issues were likely put to rest for now.”
Read Full Article from MarketWatch
- Posted: 2012-12-21 16:42:54
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