Stock Monitor: Steven Madden Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 24, 2018 / Active-Investors.com has just released a free earnings report on NIKE, Inc. (NYSE: NKE). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=NKE. The Company released its financial results for the third quarter fiscal 2018 (Q3 FY18) on March 22, 2018. The Beaverton, Oregon-based Company reported a 7% y-o-y revenues growth, beating market consensus estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, NIKE most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the three months ended on February 28, 2018, NIKE recorded revenues of $8.98 billion compared to $8.43 billion recorded at the end of Q3 FY17. Revenues numbers topped market expectations of $8.83 billion. During the reported quarter, the Company's revenue grew in international geographies and NIKE Direct globally.
The athletic apparel, footwear, and accessories retailer reported net loss of $921 million, or $0.57 loss per diluted share, in Q3 FY18 compared to net income of $1.14 billion, or $0.68 per diluted share, in the prior year's same period. Excluding the one-time loss of $1.25 per diluted share due to Tax Act, the Company's adjusted net income stood at $0.68 per diluted share. Meanwhile, Wall Street had expected the Company to report adjusted net income of $0.52 per diluted share.
In the reported quarter, NIKE's cost of sales increased 8% to $5.05 billion from $4.68 billion in Q3 FY17. The Company's gross profit came in at $3.94 billion, or 43.8% of revenues, for Q3 FY18 compared to $3.75 billion, or 44.5% of revenues, in the year ago corresponding period. The decline in gross profit is primarily attributable to unfavorable changes in foreign currency exchange rates, which were partially offset by lower product costs. The Company's total selling and administrative expense increased by 11% in Q3 FY18 to $2.78 billion from $2.50 billion Q3 FY17. Furthermore, the Company's income before income taxes stood at $1.16 billion for Q3 FY18 versus $1.32 billion in the third quarter of FY17.
North America - The Company's North America total revenues fell from $3.78 billion in Q3 FY17 to $3.57 billion in the reported quarter. The division's footwear's revenues were $2.29 billion in Q3 FY18 compared to $2.49 billion in Q3 FY17. Apparel sales' revenues came in flat at $1.15 billion for Q3 FY18. Furthermore, equipment's revenues were also down to $125 million in Q3 FY18 from $138 million in Q3 FY17.
Europe, Middle East & Africa (EMEA) - During Q3 FY18, EMEA division reported total revenues of $2.30 billion, rising 19% to the $1.93 billion recorded in the prior year's same quarter. In Q3 FY18, the division's footwear revenues were $1.49 billion compared to $1.27 billion in Q3 FY17. Apparel sales' revenues surged 26% in Q3 FY18. Furthermore, Equipment sale's revenues grew 10% y-o-y in the reported quarter to $97 million.
Greater China - the Greater China division's total revenues were $1.34 billion in Q3 FY18, which came in at 24% above $1.08 billion in Q3 FY17. In the reported quarter, the divisions' Apparel sales revenues were $368 million, up 36% from $271 million in Q3 FY17. Footwear's sales revenues grew 21% to $939 million y-o-y in Q3 FY18. Meanwhile, Equipment's sales revenues rose 4% to $29 million y-o-y in Q3 FY18.
Asia Pacific & Latin America – theAsia Pacific & Latin America division's revenues increased from $1.27 billion in Q3 FY17 to $1.12 billion in Q3 FY18. The division's Footwear revenues grew 14% to $884 million in Q3 FY18 from $777 million of division revenues in the year ago same period. Apparel revenues also rose 13% y-o-y to stand at $321 million for the reported quarter. However, Equipment sales' revenues were down by 6% to $63 million y-o-y in Q3 FY18.
NIKE had cash and equivalents balance of $3.66 billion as on February 28, 2018, versus $4.02 billion at the close of books on February 28, 2017. the Company's long-term debt stood flat at $3.47 billion as on February 28, 2018. Additionally, the Company had inventories of $5.37 billion as on February 28, 2018, compared to $4.93 billion as on February 28, 2017.
During Q3 FY18, the Company bought back a total of 14.6 million shares for approximately $962 million under its four-year, $12 billion board-approved share repurchase program of November 2015. Furthermore, the Company has repurchased 126.4 million shares for approximately $7.2 billion as of February 28, 2018.
Stock Performance Snapshot
April 23, 2018 - At Monday's closing bell, NIKE's stock advanced 1.20%, ending the trading session at $66.88.
Volume traded for the day: 6.24 million shares.
Stock performance in the last month – up 3.82%; previous three-month period – up 0.74%; past twelve-month period – up 19.75%; and year-to-date – up 6.92%
After yesterday's close, NIKE's market cap was at $107.97 billion.
Price to Earnings (P/E) ratio was at 28.93.
The stock has a dividend yield of 1.20%.
The stock is part of the Consumer Goods sector, categorized under the Textile - Apparel Footwear & Accessories industry.
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