Nike (NKE) Q3 earnings 2023


Nike beats on top and bottom, excess inventory continues to decline

Nike easily beat Wall Street’s estimates for its holiday quarter earnings and revenue, although its bloated inventory continued to weigh on its margins and sales in China fell short of expectations.

Nike, like other retailers, has been in the process of offloading a glut of inventory brought on by supply chain disruptions and shifting consumer demands that’s been weighing on its margins.

Gross margin fell to 43.3% for the quarter, a decrease of 3.3 percentage points, due to higher markdowns and promotions the company used to liquidate its inventory.

While Nike CEO John Donahoe told investors last quarter he believes the company is past its inventory peak, the company warned gross margins…

Source cnbc.com

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