×
469
Fashion Jobs
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Officer Hrbp / Business HR For Garment/Textile/Apparel Industry
Permanent · Bengaluru
AAVAS FINANCIERS LIMITED
Area Sales Manager | Home Loan | Mumbai
Permanent · Bengaluru
BHARTI AIRTEL LIMITED
Territory Manager- Dth Sales - Rajahmundry
Permanent · Rajahmundry
ZYDUS WELLNESS
Zydus Wellness - Factory Manager - Sikkim Plant
Permanent · Atlanta
ANUSHÉ PIRANI
Social Media & Fashion Communications
Permanent · MUMBAI
HARSH CLEAN DHAN PVT. LTD
Area Sales Manager (Modern Trade Sales) For North East
Permanent · Guwahati
RANDSTAD INDIA PVT LTD
Area Sales Manager (Consumer Durable Industry)
Permanent · Mumbai
AVRO INDIA LIMITED
Area Sales Manager- Ludhiana, Amritsar/ mP-Indore, Bhopal
Permanent · Ludhiana
AVRO INDIA LIMITED
Area Sales Manager- Ludhiana, Amritsar/ mP-Indore, Bhopal
Permanent · Ludhiana
SOSYO HAJOORI BEVERAGES PRIVATE LIMITED
Area Sales Manager
Permanent · Mumbai
VIKRAM TEA PROCESSOR PVT LTD
Area Sales Manager
Permanent · Ahmedabad
HERITAGE FOODS INDIA
Area Sales Manager(Hyderabad & Vijayawada) @ Hfl
Permanent · Hyderabad
NASH INDUSTRIES (I) PVT. LTD.
Production Manager Position With Nash Industries-Pune
Permanent · Pune
ACCELERATE SOCIAL WELFARE FOUNDATION
Area Sales Manager
Permanent · Noida
VR INDUSTRIES PVT. LTD
Area Sales Manager
Permanent · Chennai
G.R. BATHLA & SONS
Marketing Executive/Area Sales Manager
Permanent · Ludhiana
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Cutting Manager/Production Head - Garments Industry
Permanent · Bhiwandi
KALPA ELECTRIKAL PVT. LTD
Hiring For Production in Charge/ Manager (8-15 Yrs Exp)
Permanent · Bengaluru
TARGET PUBLICATIONS
Regional Sales Manager
Permanent · Mumbai
THE BANYAN HR CONSULTS
Head HR For Garments Manufacturing Company at Chengalpattu, Tamil Nadu
Permanent · Chennai
IUMENTAS LIFE SCIENCE
Veterinary Sales Manager For The State of Assam
Permanent · Guwahati
HINDCO RECRUITMENT CONSULTANTS
Production Manager| Leading Plastic Manufacturing Company| Umbergaon
Permanent · Navsari
By
Reuters
Published
Jun 29, 2016
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Nike sales, future orders rise less than expected; shares drop

By
Reuters
Published
Jun 29, 2016

Nike Inc's quarterly revenue rose less than expected and its forecast for orders growth also missed analysts' estimates, showing that the U.S. sports giant was struggling to fend off competition from Germany's Adidas and others.

Shares of the world's largest footwear maker tumbled 7 percent to $49.33 in extended trading on Tuesday.


News.Nike.com



While Nike still dominates in North America, its biggest market, analysts have said that it is losing ground to Adidas, while smaller domestic rival such as Under Armour Inc are also making inroads.

"You are seeing more people moving towards Adidas," Edward Jones analyst Brian Yarbrough said. He said Adidas was "making a comeback" and some U.S. retailers were giving more shelf space to Nike's competition.

Nike's revenue in the fourth quarter was also hit as a strong dollar ate into sales from some overseas markets and as it cleared excess inventory in North America.

The company's orders for delivery from June through November in North America, a demand gauge it calls "futures orders", also fell short of expectations, signaling a slowing pace of growth in its biggest market.

Nike's futures orders in the region were up were up 6 percent at the end of the fourth quarter, while analysts were expecting a 9 percent growth, according to Consensus Metrix.

The futures orders at Nike, which owns the Jordan and LeBron range of basketball shoes, were hurt by weak basketball shoes sales, the main reason for which was the Steph Curry brand of shoes being sold by Under Armour, Yarbrough said.

Nike's revenue rose nearly 6 percent to $8.24 billion in the fourth quarter ended May 31, while analysts on average had expected revenue of $8.28 billion, according to Thomson Reuters I/B/E/S.

The company's sales in North America were flat, weighed down by a fall in sales of apparel and equipment. Footwear sales, its biggest revenue contributor, rose 2 percent.

Nike's total net income fell to $846 million from $865 million. On a per share basis, profit was flat at 49 cents, and a penny higher than analysts' estimates.

The company said gross margins dropped 30 basis points to 45.9 percent as higher average selling prices were more than offset by higher product costs, the hit of clearing excess inventory in North America and unfavorable foreign exchange rates.

Shares of the company, which sponsors athletes like Lebron James, tennis player Roger Federer, Portuguese footballer Cristiano Ronaldo, have fallen nearly 15 percent this year.

 

© Thomson Reuters 2021 All rights reserved.