vested
3QFY24 results in-line; expects 1HFY25 to deliver low-single digit decline
Nike (NIK US) 3QFY24 results in-line; expects 1HFY25 to deliver low-single digit declineNike 3QFY24 results stood in-line with expectations.
3QFY24 revenue was flat y-o-y, with NIKE brand reporting growth of 2% y-o-y
Nike guides 1HFY25 revenue to be down by low-single digit, dragged by key product franchise slowdown, which will more than offset scaling of new products.
Nike will push for upgrades in Air & Pegasus to drive greater performance footwear growth ahead of Olympics; and target restructuring its operations.
Nike released 3QFY24 results in-line with market expectations.
3Q24 revenue was flat y-o-y (currency neutral: +1%) to US$12,429m.
Of which, Nike Brand recorded 2% growth on a reported and currency-neutral basis.
By geographic segment, NIKE brand reported growth across Greater China (+5%), Asia Pacific & Latin America (+3%), North America (+3%), while EMEA recorded declines (-3%).
GP margin expanded by 1.5ppt to 44.8%.
Net earnings declined 5% y-o-y to US$1,172m. Diluted earnings per share declined 3% y-o-y to US$0.77/sh, inclusive of restructuring charges.
For 9M24, revenue rose 1% to US$38,756m, while GP margin expanded 1ppt to 44.5%.
9M24 net earnings rose 4% to US$4,200m. Diluted EPS rose 7% y-o-y to US$2.74/sh.
TP: US$90
Source: DBS
https://www.dbs.com/insightsdirect/comp ... ecid=18769
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