Nike closed its fiscal year 16 with after releasing q4 earnings after the market closed with mixed results. Nike beat analyst’s estimates on earnings by just 0.01 per share, coming in at .49 cents per share. Revenue came in at $8.24B, $40M shy of consensus estimates.
The sportswear leader is feeling the heat of the revenue miss as the stock is down nearly 7% after hours. Nike had a solid quarter but is still facing significant currency headwinds. The company also announced its plan to increase the Jordan brand across several new categories. Jordan brand is now a $2.7 Billion dollar business.
Nike brand revenue grew 8%, while it’s direct to consumer sales grew 23%, including 51% growth online.
Nike’s Results in FY 2016 by Geography: (currency neutral basis)
North America – +8 %
Western Europe – +14%
Central and Eastern Europe – +17%
Emerging Markets – +13%
Greater China – +27%
Japan – +22%
Read the full article at Benzinga.com