Nike's stock surged 15% after a Q4 earnings report revealed a 12% revenue drop to $11.1 billion, surpassing expectations. CEO Elliott Hill expressed optimism about future performance despite an 86% plunge in adjusted earnings per share. CFO Matt Friend warned of $1 billion in increased tariff costs, outlining strategies to mitigate this through reduced imports and cost management. The company expects further pressure on gross margins and plans to reallocate sourcing from China, as 30% tariffs remain despite a recent trade deal.
CEO Elliott Hill stated, "Earnings were not up to the Nike standard, but we're optimistic about our turnaround strategy as we face tariff pressures."
CFO Matt Friend noted, "To tackle the $1 billion tariff costs, we plan to reduce imports from China and implement price increases this fall."
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