Nike Q2 results top estimates despite drag from softer margins By Investing.com

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Nike Q2 results top estimates despite drag from softer margins

Dec 20, 2022 17:04

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By Yasin Ebrahim

Investing.com -- Nike reported Tuesday better-than-expected second-quarter results even as margins were dealt a blow from price cuts as the sportswear company makes strides to resize inventory.

Nike Inc (NKE) shares gained 6.7% in after-hours trade following the report.

Nike reported earnings per share of $0.85 on revenue of $13.3 billion. Analysts polled by Investing.com anticipated EPS of $0.65 on revenue of $12.58B.

The 17% rise in revenue was underpinned by a 25% increase in Nike brand digital sales amid "strong growth across all geographies and channels," the company said.

Sales in North America were up 30% for Q2 year-on-year, while in China, an important market for the company, sales slipped 3%.

Gross margin, however, decreased 300 basis points to 42.9%, driven mainly by a step up in promotional activity to liquidate inventory, particularly in North America.

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