Wholesale and consumer demand in focus

Nike (NKE) reported fourth quarter sales that topped expectations but profits came in slightly lower than expected after the bell on Thursday.

Shares of Nike were down about 1% after the report.

Here’s how Nike’s results stacked up against Wall Street analyst expectations, according to Bloomberg consensus estimates:

• Revenue: $12.83 billion versus $12.59 billion expected

• Adj. earnings per share (EPS): $0.66 versus $0.67 expected

• Gross margin estimate: 43.6% versus 43.5% expected

Nike showed a recovery in Greater China with sales of $1.81 billion compared to the $1.64 billion analysts had been expecting. Inventories were nearly flat from a year ago, boosting sentiment that Nike’s inventory glut has been cured.

Nike’s stock stumbled going into the report with shares down 6% on the year and analysts cutting their price targets on shares of the athletic apparel brand in recent weeks. Fears had swirled about dwindling North American demand and struggling revenue growth in Greater China due to COVID-19 restrictions.

Josh is a reporter for Yahoo Finance.

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