原文標題：
Nike shares fall as overstocked inventory weighs on earnings
由於庫存積壓影響收益，NIKE股價下跌
原文連結：
https://www.cnbc.com/2022/09/29/nike-nke-earnings-q1-2023.html
發布時間：
Sep 29 2022
記者署名：
Lillian Rizzo
原文內容：
Key Points
Nike first fiscal quarter revenue was up 4% to $12.69 billion,
beating estimates.
Nike net income was down 22% to $1.5 billion.
The sneaker giant said inventory on its balance sheet was up 44% to $9.7
billion, driven by continued supply chain issues.
NIKE第一財季收入增長 4% 至 126.9 億美元，優於預期。
耐克淨收入下降 22% 至 15 億美元。
這家運動鞋巨頭表示，由於持續的供應鏈問題，
其資產負債表上的庫存增加了 44% 至 97 億美元。
Nike on Thursday said it had a strong first fiscal quarter
despite supply chain issues, as well as declining sales in Greater China,
its third biggest market by revenue.
儘管存在供應鏈問題，
以及按收入計算的第三大市場大中華區的銷售額下降，但該公司第一財季表現強勁。
But the company’s shares dropped in after-hours trading as
the company described problems with overstocked inventory and
the aggressive steps it’s taking to lower them.
NIKE股票在盤後交易中下跌，
因為該公司描述了庫存積壓的問題以及它正在採取的積極措施來降低庫存。
Nike and other retailers have been facing supply chain headwinds and
Covid-related store closure disruptions.
Like other retailers, Nike has been facing supply chain headwinds, such as a
rise in both shipping costs and shipping times in recent quarters.
Here’s how Nike did in its first fiscal quarter compared with what Wall
Street was anticipating, based on a survey of analysts by Refinitiv:
Earnings per share: 93 cents vs. 92 cents expected
Revenue: $12.69 billion vs. $12.27 billion expected
每股收益：93 美分，預期為 92 美分
收入：126.9 億美元，預期為 122.7 億美元
As delivery times and consumer demand rose this year, retailers responded by
ordering inventory earlier than usual. When in-transit shipping time began to
improve quickly, Nike CFO Matthew Friend said, it led to swelling inventories.
當在途運輸時間開始迅速改善時，導致庫存膨脹。
The Nike executive noted that this, mixed with consumers facing greater
economic uncertainty, promotional activity has accelerated across the
marketplace, especially for apparel brands.
消費者面臨更大的經濟不確定性，整個市場的促銷活動加速，尤其是服裝品牌。
“As a result, we face a new degree of complexity,” Friend said on the call
with investors on Thursday, adding that Nike will look to clear inventory for
specific pockets of “seasonally late products,” especially apparel.
耐克將清理“季節性延遲產品”的庫存，尤其是服裝。
Nike executives said its inventory in North America alone grew 65% compared
to last year, reflecting a combination of late deliveries for the past two
seasons and early holiday orders that are now scheduled to arrive earlier
than planned.
That has resulted in having a few seasons’ worth of merchandise available at
the same time. Because of that, Friend said, “we’ve decided to take that
inventory and more aggressively liquidate it so that we can put the newest
and best inventory in front of the consumer in the right locations.”
Nike reported net income for the three-month period ended Aug. 31 fell 22% to
$1.5 billion, or 93 cents per share, compared with $1.87 billion, or $1.18
per share, a year earlier.
Revenue during the period was up 4% to $12.7 billion, compared with $12.2
billion a year earlier.
Recently, Nike has been shifting its strategy and looking to sell its
sneakers and other merchandise directly to customers and scale back on what
is sold by wholesale partners like Foot Locker. The company said on Thursday
its direct sales grew by 8% to $5.1 billion, and sales for its digital-brand
rose 16%. On the flip side, sales for Nike’s wholesale business sales
increased by 1%.
In its first fiscal quarter, Nike said its inventory rose 44% to $9.7 billion
on its balance sheet from the same period last year, which the company said
was driven by supply chain issues and partially offset by strong consumer
demand.
Total sales in Greater China were down 16% to about $1.7 billion, compared
with nearly $2 billion a year earlier. The company has faced disruption in
its business in the region, where Covid lockdowns have affected its business.
Nike had said in the previous quarter it expected issues in Greater China to
weigh on its business.
Meanwhile, total sales in North America, Nike’s largest market, increased
13% to $5.5 billion in the first fiscal quarter, compared with roughly $4.9
billion in the same period last year. The sneaker giant has continuously said
consumer demand, especially in the U.S. market, hasn’t waned despite
inflation.
這家運動鞋巨頭一直表示，儘管通貨膨脹，
消費者需求，尤其是美國市場的需求並未減弱。
The company said Thursday it expects revenue in the second fiscal quarter to
grow low double digits based on strong consumer demand, despite supply chain
and foreign exchange currency headwinds.
心得/評論：
(跳著機翻一下)
儘管營收盈餘略優於市場預期 nike盤後怒跌9%
主因庫存爆增
以及nike宣示將用更多的折扣來清理庫存
這將導致利潤率下滑
儒鴻等紡織類股今天壓力山大?
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