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Nike posted quarterly earnings and revenue above analyst estimates, defying expectations of another decline as the sportswear company presses forward with its turnaround strategy.
The headline beat arrives with a significant asterisk: China sales fell 12%, underscoring the uneven nature of any recovery still in progress.
For portfolio managers tracking the name, the read-through is a company that is doing better than feared, but not yet doing well. A Beat Against Low Expectations The setup heading into these results was bearish.
Analysts anticipated that Nike would report yet another quarter of declining sales, a continuation of the pressure that has defined the past several reporting periods.
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