The first quarter results for Nike’s 2018 fiscal year are in, and they’re not good. While success in China meant the Swoosh’s revenue grew 2 per cent to $8.6 billion USD, their bottom line took a devastating blow.
Net income dropped a whopping 24 per cent down to $950 million – a trend that, if continued, would see Nike finish 2018 with half a billion less in their back pocket. Nike attribute the loss to higher tax rates and 22 per cent decrease in earnings per share, something that Wall Street downgrading their shares in August can’t have helped.
We’ll have to wait for the conference call transcript to come out in October for a clearer picture to how the company is going. But at present, it looks like they’re going to have to sell a shit-tonne more Tanjuns to make up the difference.