By Savyata Mishra (Reuters) - Nike shares surged about 10% in premarket trading on Friday as the company further trimmed its inventory ahead of the ...
By Savyata Mishra - Nike shares surged about 10% in premarket trading on Friday as the company further trimmed its inventory ahead of the all-important holiday shopping season and forecastSaltWire's Atlantic regional weather forecast for September 29, 2023 | SaltWire - Nike shares surged about 10% in premarket trading on Friday as the company further trimmed its inventory ahead of the all-important holiday shopping season and forecast improved second-quarter gross margin due to fewer...
In the first quarter, inventory levels fell to $8.7 billion from $9.66 billion a year earlier. The company estimated a 100 basis point boost to current-quarter gross margin while maintaining its annual forecasts. Rivals including Adidas and Puma have also struggled with weakening U.S. demand and slower-than-expected recovery in China, where local brands are doubling down on efforts to take market share.
Nike saw higher uptake of its statement leggings, thanks to products like Zenvy, Go, and Universa in the quarter, TAG analysts said, adding the company's back-to-school business also outpaced the industry broadly in North America.
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