Nike (NKE) Fiscal 4Q17 Results: Beats on Earnings, Boosted by Strong International Sales

Executive Summary

• Nike reported fiscal 4Q17 adjusted EPS of $0.60, ahead of the $0.50 consensus estimate and up 22.4% year over year, driven by SG&A expense leverage as well as by higher global revenue, a lower tax rate and a lower share count.
• Revenues were $8.68 billion, up 5.3% year over year, or up 7% on a constant-currency basis, and were slightly ahead of the $8.63 billion consensus estimate. Revenues for the Nike brand were $8.1 billion, up 7% in constant currency.
• Revenue growth was driven by double-digit growth in international geographies, including Western Europe, Greater China and the emerging markets region, as well as by strength in the sportswear and running categories.