Nike Inc Class B

NKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$212.00	Pks	Dkyvxjftf

Nike Earnings: Wide-Moat Firm Closes Fiscal 2023 With Strong Recovery in China; Shares Attractive

David Swartz

Jun 30, 2023

Nike posted 16% sales growth in greater China (15% of brand revenue) in its May-ended fiscal 2023 fourth quarter, allowing for 5% total sales growth that eclipsed our 3% forecast. We view the China result as encouraging given concerns about market share loss to local brands and the pace of the region’s economic recovery. However, Nike’s shares dipped 4% in postmarket trading, likely because of concerns about higher operating expenses that led to a small EPS miss ($0.66 versus our $0.69 forecast) and soft apparel demand.

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