Morning Buzz

Nike beats the street in Q4 despite shipping issues

Nike reported Q4 earnings and said that "continued chaos in the shipping industry has become a significant drag on the company’s profit margins." The company's quarterly sales hit $12.2B, a 1% decrease from the same period a year ago. Nike earned $1.4B in the quarter, a 3% decline from the previous Q4. For the FY ending May 31, the company earned $6B on total revenue of $46.7B, and the revenue figure was a 5% increase from the prior 12 months. For Q4, "both total revenue and profitability topped Wall Street expectations." Given all the "financial headwinds, it could have been far worse" (Portland OREGONIAN, 6/28). At presstime, shares of Nike were trading at $108.01, down 2.25% (SBJ).

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