Nike Inc. reported robust quarterly sales that beat Wall Street’s expectations as the sportswear brand worked down its excess inventory, but profitability missed estimates.
Global revenue rose 14 per cent to US$12.4 billion in the quarter ended Feb. 28. That was above analysts’ average estimate of US$11.5 billion. Gross margin was 43.3 per cent, below the 43.7 per cent estimate.
Even so, the company cited “higher markdowns to liquidate inventory” as hurting gross margin, as well as higher costs for its materials and freight.
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