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Nike Q3 results beat estimates, driven by strength in North America; shares jump
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investing.comInvesting.com — Nike reported Thursday better-than-expected fiscal third-quarter results as improved margins and strength in its North America segment boosted performance.
Nike Inc (NYSE:NKE) shares gained 4% in after-hours trade following the report.
For the quarter ended Feb. 29, Nike reported adjusted earnings per share of $0.98 on revenue of $12.43 billion. Analysts polled by Investing.com anticipated EPS of $0.76 on revenue of $12.27B.
Sales in North America were up 18% for Q3 year-on-year, while in China, a key market for the company, sales gained 3%, offsetting a 6% decline in its Europe, Middle East & Africa segment.
Gross margin increased 150 basis points to 44.8%, driven price hikes and lower ocean freight and logistics costs.
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