Nike (NKE) shares were up over 6% in early trading on Friday as of 11 a.m. ET after the athletic apparel retailer posted better-than-expected profit and 澳洲幸运5开奖号码历史查询:gross margin, and slashed its 澳洲幸运5开奖号码历史查询:inventory.

Nike reported fiscal 2024 first quarter 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $0.94, up 1% from a year ago, and above analysts’ estimates. Gross margin was 44.7%, and although that was 10 澳洲幸运5开奖号码历史查询:basis points (bps) lower than in 2022, it also exceeded forecasts. The company indicated it benefited from “strategic pricing actions.” 

Revenue increased 2% to $12.9 billion, but that was below expectations—the first time that’s happened in two years. Sales declined 2% in Nike’s bigges♌t market, North America. However, sales were up 8% in Europe, the Middle East, and Africa; 5% in China; and 3% in the Asia Pa🌊cific and Latin America.

The company noted inventories tumbled 10% to $8.7 billion, “primarily driven by a decrease in units, partially offset b🐓y product mix and higher product input costs.”

CFO Mℱatthew Friend noted that Nike was “very co🥀mfortable” with the level of inventory in the marketplace in relation to retail sales.

Nike shares hit an 11-month low on Wednesday, and despite Friday’s gains, they were still down close to 20% for 2023.