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What you need to know
- Nike’s first earnings report since Elliott Hill, the new CEO of Nike took office in October is due to be released after Thursday’s bell.
- The athletic apparel giant's sales and stock have been pressured this year as it has faced new competition in the U.S. and China.
- Hill was appointed as the leader of the company last quarter.
Nike is expected to announce its second fiscal quarter results at the end of business on Thursday. It will be its first report since Elliott Hill became its new CEO.
Visible Alpha tracked 10 analysts who rated Nike as an “a” stock. “buy,” There are nine analysts. “holds” One and only “sell.” With an average price target near $89, analysts expect Nike to rise about 15% from Friday’s close—though that would still be below the nearly $109 level where it started the year.
Visible Alpha estimates that Nike will report $12.18 Billion in Revenue for the Second Quarter of Fiscal 2025. This is a decline of 9% from last year’s same period. Net income is forecast to be $977.7million, down nearly 40% on $1.6billion a year earlier.
This is the first quarter since CEO Hill took over.
Hill assumed the role of CEO in October. Nike will likely announce new fiscal guidance and a revised date for the annual investor event when it releases its earnings on Thursday. As Hill’s appointment was still a couple of weeks off, Nike decided to postpone the event and suspend its forecast when reporting first quarter earnings.
Nike has been trying to reduce costs and cut back on sales, which has led its stock price to fall over the last year. Hill is a Nike vet who has returned to work at the company. This could help Nike with its turnaround.
It has been a growing challenge to compete with smaller brands in the domestic market and on other important markets such as China. The company announced in recent times that it would shift its product offerings to concentrate more on innovative products and new ideas.
Nike’s stock is now down by nearly 30% for the year.
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