06-29-2016, 07:44 AM
Perhaps we have to wait a little longer to get back into Sketchers (SKX)...
Nike (NYSE:NKE) has slid 6.3% just after reporting its Q4 earnings where revenues missed slightly despite some growth driven by international sales.
Revenues by brand: Nike brand, $7.73B (up 8% ex-currency); Converse, $513M (up 18% ex-currency).
Futures orders worldwide for branded footwear/apparel (scheduled for delivery June-November) were up 8% to $14.9B (up 11% ex-currency, short of expectations for a 13% gain). Inventories were up 12%.
Gross margin fell 30 basis points to 45.9% amid higher costs for product and clearing excess North American inventory and unfavorable foreign exchange. Effective tax rate was 21.2%, up from a year-ago 17.8%.