{"id":1960927,"date":"2023-06-29T19:59:02","date_gmt":"2023-06-29T23:59:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nikes-gloomy-forecast-puts-spotlight-on-n-america-slowdown\/"},"modified":"2023-06-29T20:01:19","modified_gmt":"2023-06-30T00:01:19","slug":"nikes-gloomy-forecast-puts-spotlight-on-n-america-slowdown","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nikes-gloomy-forecast-puts-spotlight-on-n-america-slowdown\/","title":{"rendered":"Nike&#8217;s bleak outlook highlights North America&#8217;s economic slowdown."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnikes-gloomy-forecast-puts-spotlight-on-n-america-slowdown%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1960927&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2> Nike&#8217;s Revenue Forecast Falls Short of Expectations <\/h2>\n<p>By Granth Vanaik, Ananya Mariam Rajesh and Katherine Masters<\/p>\n<p>(Reuters) &#8211; Nike forecast first-quarter revenue below Wall Street expectations on Thursday as cost-conscious consumers in North America cut back on sneaker and sports apparel purchases overshadowing a strong recovery in China.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>In North America, the company\u2019s biggest market, still-high inflation has led to consumers buying essential goods and reducing discretionary spending.<\/p>\n<p>Sales rose 5% in the region in the fourth quarter, the slowest in four quarters as U.S. wholesalers became more prudent in placing newer orders. In Europe, Middle East and Africa sales increased 3%.<\/p>\n<p>The company\u2019s shares were last down about 4% in extended hours in choppy trading.    <\/p>\n<p>Next year, the environment is going to continue to be promotional which puts pressure on wholesale partners in terms of how they manage through the first half of the year, CEO John Donahoe said on an earnings call.   <\/p>\n<p>Peer Under Armour forecast annual sales and profit below Wall Street estimates in May due to waning demand and higher discounts. <\/p>\n<p>Nike\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nikes-gloomy-forecast-puts-spotlight-on-n-america-slowdown\/\" title=\"Nike's bleak outlook highlights North America's economic slowdown.\">gross margin fell 140 basis points<\/a> to 43.6% in the reported quarter on efforts to clear excess inventory through more promotions and discounts at a time when the industry is being squeezed by higher supply chain, input and labor costs.<\/p>\n<p>\u201cGiven the customer is being quite cautious in at least two regions which are quite significant to Nike, gross margins are expected to still be hit as they continue promotions to try getting customer\u2019s attention,\u201d said Jane Hali &#038; Associates senior analyst Jessica Ramirez.<\/p>\n<p>Greater China was a bright spot as sales jumped 16% jump following the reversal of the rigid zero-COVID-19 policy. Sales in the region had declined in the first three quarters.<\/p>\n<p>Nike expects first-quarter reported revenue growth to be flat to up low-single digit, compared with analysts\u2019 average expectation of 5.8% rise, according to IBES data from Refinitiv.<\/p>\n<p>The company expects full-year reported revenue to rise mid-single-digits, compared with analysts expectations of a revenue of a 6.3% rise.<\/p>\n<p>The company\u2019s fourth-quarter revenue rose to $12.83 billion and beat estimates of $12.59 billion, while earnings per share of 66 cents missed estimates by 1 cent.<\/p>\n<p> (Reporting by Granth Vanaik and Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj Kalluvila)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/nikes-gloomy-forecast-puts\/attachment\/file-photo-people-walk-past-a-nike-inc-store-at\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3> Democrats&#8217; Changing Stance on Election Trustworthiness <\/h3>\n<p>Democrats accuse anyone questioning the 2020 election of being conspiracy theorists, but a few years ago these same Democrats warned we couldn\u2019t trust our voting systems.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3> Higher-Than-Expected GDP Growth in First Quarter <\/h3>\n<p>The latest GDP data released today shows that the economy experienced higher-than-expected growth, reaching 2% in the first quarter.<\/p>\n<p>The President continues to promote his \u2018Bidenomics\u2019 and mentions that inflation has come down from its record-breaking high about a year ago, but it remains high.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3> Upcoming Film Exposes Child Trafficking <\/h3>\n<p>Sound of Freedom, a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/election-integrity\/\" title=\"Ensuring fair elections.\">moving exposing child trafficking<\/a> is set to hit theaters on July 4th. The movie is based on a true story. One America\u2019s Stella Escobedo spoke with the film producer and actor, Eduardo Ver\u00e1stegui .<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3> Supreme Court Eliminates Race-Based College Admissions Programs <\/h3>\n<p>The Supreme Court issues a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/france-deploys-40000-officers-to-quell-riots\/\" title=\"France sends 40,000 officers to end riots.\">highly-anticipated ruling eliminating race-based college admissions programs<\/a>. One America\u2019s Stella Escobedo spoke with Mitch Kokai, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/from-impeaching-incitement-to-canceling-conservatism\/\" title=\"From Impeaching Incitement to Canceling Conservatism\">senior political analyst<\/a> at the John Locke Foundation, about the decision.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3> AutoStore to Appeal London High Court Judgement <\/h3>\n<p>LONDON (Reuters) \u2013 Norwegian robotics firm AutoStore said on Thursday it will appeal a London high court judgement in March which dismissed\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3> Fidelity Seeks to List Bitcoin Trust <\/h3>\n<p>(Reuters) -Asset manager Fidelity is once again seeking to list and trade shares of its Wise Origin Bitcoin Trust spot bitcoin exchange-traded\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3> Canada&#8217;s Department of Justice Evaluates Microsoft&#8217;s Acquisition <\/h3>\n<p>WASHINGTON (Reuters) -Canada\u2019s Department of Justice has concluded that Microsoft\u2019s deal to buy \u201cCall of Duty\u201d maker Activision Blizzard \u201cis likely to\u201d\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3> Bolivia Signs Lithium Agreements with Russian and Chinese Firms <\/h3>\n<p>By Daniel Ramos LA PAZ (Reuters) -Bolivia has signed lithium agreements with Russian state nuclear firm Rosatom and China\u2019s Citic Guoan Group,\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nike&#8217;s first-quarter revenue forecast fell short of Wall Street&#8217;s expectations due to cost-conscious consumers in North America reducing their purchases of sneakers and sports apparel. This overshadowed the strong recovery in China, despite it being Nike&#8217;s largest market. Inflation in North America has contributed to this decline in consumer spending.<\/p>\n","protected":false},"author":66,"featured_media":1960928,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1960927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1960927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1960927"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1960927\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1960928"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1960927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1960927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1960927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}