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By Yasin Ebrahim
Investing.com – Nike (NYSE:) reported Thursday combined first-quarter outcomes as earnings beat, however income fell wanting expectations as ongoing supply-chain points held again gross sales.
Nike shares misplaced 4.06% in after-hours commerce following the report.
Nike introduced earnings per share of $1.16 on income of $12.25 billion. Analysts polled by Investing.com anticipated EPS of $1.12 on income of $12.46 bilion.
Nike model digital gross sales elevated 29%, led by North America progress of 43%. Gross sales in China, a key marketplace for the corporate, was up 11% to $1.98 billion.
Inventories have been flat at $6.7 billion, in comparison with the prior yr interval amid elevated in-transit inventories because of “prolonged lead occasions from ongoing provide chain disruptions,” the corporate stated.
Gross margin elevated 170 foundation factors to 46.5 p.c, led by margin enlargement within the firm’s direct enterprise, the next mixture of full-price gross sales and favorable modifications in overseas forex trade charges.
These tailwinds, nonetheless, have been partially offset by greater product prices primarily because of elevated freight prices, the corporate stated.
Keep up-to-date on all the upcoming earnings stories by visiting Investing.com’s earnings calendar
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