Fast Money Blog-9/24/21
The big story this week was Nike, Inc. (NKE) earnings. Just a reminder that NKE is a member of the Dow Jones Industrial Average. Nike, Inc. has historically seen reliable top-line annual revenue growth, and this last quarter was also exceptional.
On Thursday, September 23rd, Nike Inc. released its financial results for fiscal Q1 2022, which ended on August 31st, 2021. The company posted top revenue of $12.2 billion, up 16% year-over-year, with growth across all marketplace channels.
Nike’s revenue broke down like this:
Nike Direct sales rose 28% year-over-year, while Digital sales increased 29% year-over-year. NIKE Digital is now 21% of total NIKE brand revenue.
Although Nike stock has pulled back slightly, I believe the stock will rise sharply over the next 52 weeks.
Please keep in mind that even stocks that have doubled in a 5-year period, routinely have one or two down days.
Stay open, stay positive!
Tyrone Jackson
The Wealthy Investor