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Nike: Q1 largely outpaces consensus

( - On Tuesday night Nike announced net profit that is up 11% at 1.
5 billion dollars for Q1 2020-21, or 95 cents per share, meaning EPS that is about fifty cents above the consensus.

The sporting goods giant saw its revenues dip 1% to 10.6 billion dollars (with stability excluding FX factors), with its gross margin down 0.9 point at 44.8%, with Covid-19 impacting its businesses.

Nike is recovering faster thanks to brand momentum and accelerating digital growth, as well as its relentless focus on normalizing supply and demand in the market, its CFO Matt Friend said.

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