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Is Nike (NKE) a Buy Heading into Its Upcoming Earnings Announcement?
Well-known athletic apparel maker Nike (NKE - Free Report) is set to report fiscal third-quarter results on Thursday after the bell. Nike, a Zacks Rank #3 (Hold), has exceeded the earnings mark in three of the past four quarters. With retail stocks showing strength as of late, is this recognized brand name a buy heading into earnings?
Analysts are expecting NKE to deliver quarterly earnings of $0.69 per share, which would reflect a -12.7% drop relative to the same quarter in the prior year. Expected revenues of $12.28 billion would mark a -0.88% decline versus the year-ago period. Nike sports a 25.02% average earnings surprise over the past four quarters.
Compelling product innovation and digital leadership have been key drivers for Nike. NKE shares have slipped 8% this year and are underperforming the market. Our proprietary Zacks Earnings ESP does not conclusively predict another earnings beat for the upcoming announcement.