Nike Rises Slightly After Q2 Earnings
Nike (NYSE: NKE) is up less than one percent in after hours trading after the company announced its second quarter results.
The company reported a Q2 EPS of $0.59 versus the Street estimate of $0.58.
Earnings per share were up four percent from the year-ago period.
Revenue arrived at $6.4 billion versus the Street estimate of $6.44 billion. Sales were up seven percent year-over-year.
"Our strong second quarter results show why NIKE leads the industry," Mark Parker, President and CEO of Nike, said in a company release.
"Our powerful portfolio fuels growth across our categories and geographies. Because we never stop innovating, we enhance our ability to serve the athlete, inspire consumers and elevate the marketplace. We will continue to seize the best opportunities to drive sustainable, profitable growth for our shareholders."
Nike has performed quite well this year, rising more than 51 percent since January 2. The stock is up more than 13 percent over the last three months alone.
The firm also beat analyst expectations last quarter, reporting a Q1 EPS of $0.86 (versus the Street estimate of 0.78) and inline revenue of $6.97 billion.
The shoe and apparel company recently announced that it had eliminated the use of water and process chemicals from fabric dyeing at a contract manufacturer in Taiwan. Nike will instead employ a process that reduces energy use and eliminates the need for added chemicals.
Nike is rumored to be developing a new smart watch that will ship in early 2014. Little is known about the device, but it is expected to be another workout-oriented product.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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