Nike earnings preview: Wholesale and consumer demand in focus
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Nike earnings preview: Wholesale and consumer demand in focus
Nike (NKE) is expected to report fourth quarter results after the bell on Thursday with investors focused on how North American demand is holding up as some Nike wholesalers have warned of a consumer spending slowdown.
Nike's stock stumbled going into the report with shares down 6% on the year and analysts cutting their price targets on shares of the athletic apparel brand in recent weeks.
Here's what Wall Street expects, according to Bloomberg consensus estimates:
Revenue: $12.59 billion
Adj. earnings per share (EPS): $0.67
Gross margin estimate: 43.5%
Nike has built a growth story around a shift to the director-to-consumer business. In the prior quarter, Nike boasted a 17% increase from the year prior, with direct-to-consumer revenue representing 42% of the company's total revenue.
But while stressing the importance of selling directly to customers and cutting out a middle-man wholesaler, Nike is building out more wholesaler partnerships. Earlier this month reports circulated that Nike will return to both DSW (DBI) and Macy's (M).
"Investors are worried that this is a reversal in Nike's shift from wholesale to DTC, but we don't think the strategy is broken," a Bank of America research analyst wrote in a note on June 21. "We expect to hear an explanation of these moves on the conf call rather than an about-face on its focus on reducing undifferentiated wholesale."
Additionally, investors will be curious about the demand for Nike products in general. The brand represents nearly 70% of the sales at Foot Locker (FL), which warned of a slowdown during its earnings announcement in May. Nike stock fell on that news, and Wall Street analysts raised concerns it could be a headwind for Nike moving forward.
Other signs of a slowdown, particularly in Greater China, where revenues grew just 1% last quarter, will also be in focus along with whether the company is continuing to bring down its previously elevated inventories.
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