Nike (NYSE:NKE) earnings for the sports apparel company’s fiscal first quarter of 2020 is out and NKE stock is up Tuesday. The report includes earnings per share of 86 cents on revenue of $10.66 billion. These both beat out Wall Street’s earnings per share and revenue estimates of 70 cents and $10.44 billion for the period.
Let’s check out some other highlights from the Nike earnings report.
- EPS reported during the quarter was up 28% from 68 cents last year.
- The company saw its revenue increase by 7% from $9.95 billion in its fiscal first quarter of 2019.
- Gross profit for the quarter comes in at $4.87 billion, which is up 11% from $4.40 billion in the same period of the year prior.
- Nike earnings also have gross margin for the most recent quarter coming in at 45.70%.
- The company’s gross margin from the same time last year was 44.20%.
- Net income for the fiscal first quarter of 2020 was $1.37 billion.
- This is up 25% from NKE’s net income of $1.09 billion reported in its fiscal first quarter of the previous year.
NKE Executive Vice President and Chief Financial Officer Andy Campion has this to say about the most recent Nike earnings.
“Our targeted strategic investments are accelerating NIKE’s digital transformation and extending our competitive advantage. Even amidst the increasingly volatile macroeconomic and geopolitical environment, we expect our unrelenting focus on better serving the consumer to continue fueling strong, broad-based growth across our global portfolio.”
NKE stock was up 4% in after-hours trading. The stock is also up 18.50% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.