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Barclays provided its analysis on Nike Inc(NYSE: NKE)'s fourth-quarter earnings results on Wednesday, noting 4Q16 EPS came in at $0.49, slightly above the $0.47 figure estimated by the bank.
The analysts noted Nike's total revenue increased 6 percent to $8.2 billion, and nearly all geographies grew DD on a constant currency basis, with the exception of NA, which grew 8 percent CC.
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Running category sales rose 10 percent, reaching $5.3 billion on a constant currency basis for fiscal 2016 year and driven by the growth in major products from the Pegasus franchise, Lunar Epic, and apparel including the Dry-Fit cool top and AeroSwift short.
Sportswear category sales grew 22 percent reaching $8.1 billion for the year. Basketball rose 2 percent, because of the strong performance from the Kyrie 2, Jordan brand and Air Force One Flyknit. "The company noted that basketball remains healthy and pointed to strong demand from the recent launch of the KD9, which are already sold out, and the Kobe 11 iD shoes, which were the most successful iD launch in history," said Barclays.
The company's EBIT margin fell by 50 basis points to 12.4 percent and gross margin declined 30 basis points to 45.9 percent, affected by higher labor costs, clearing of inventory and FX headwinds, partially offset by higher ASPs.
The bank currently has an Overweight rating on the stock with $75 price target.
At time of writing, Nike was up 1.90 percent on the day, trading at $54.10.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.