Nike Soars After Release of Earnings Report
Nike (NKE) released its earnings report for the first quarter of fiscal year 2024 after the U.S. markets closed yesterday. The company's revenues came in at $12.94 billion, 0.47% below the expected $13 billion, while earnings per share were reported at $0.94, surpassing the expected $0.76. Revenues fell short of expectations due to weak demand in North America and the economic slowdown in China. Growth in the EMEA, Greater China, and Asia-Pacific Latin America regions partially offset the decline in North America. Sales in North America declined by 2%, while sales in China increased by 5% to $1.74 billion. The company noted that gross margin declined by 10 basis points to 44.2%, primarily due to high product costs and unfavorable currency exchange rates, and was largely offset by strategic pricing actions.
Nike (NKE) released its earnings report for the first quarter of fiscal year 2024 after the U.S. markets closed yesterday. The company's revenues came in at $12.94 billion, 0.47% below the expected $13 billion, while earnings per share were reported at $0.94, surpassing the expected $0.76. Revenues fell short of expectations due to weak demand in North America and the economic slowdown in China. Growth in the EMEA, Greater China, and Asia-Pacific Latin America regions partially offset the decline in North America. Sales in North America declined by 2%, while sales in China increased by 5% to $1.74 billion. The company noted that gross margin declined by 10 basis points to 44.2%, primarily due to high product costs and unfavorable currency exchange rates, and was largely offset by strategic pricing actions.
Severn Trent (SVT) announced record-level investments as part of its transformation plan. The plan, targeting a 31% real regulatory capital value increase, envisions expenditures of £12.9 billion over the next five years. The company also announced it would conduct a non-preemptive capital increase of £1 billion. The announcement states that continued financial resilience is expected to support the investments.
Source: Gedik Yatırım
British News Agency