Nike warns its revenue will shrink later this year
Nike shares dropped in extended trading on Thursday after the group warned that its revenue in the first half of fiscal 2025 would shrink by a low single-digit percentage.
Indices
Most indices are poised to post weekly gains after a week of central bank decisions. In the US, DJIA and the S&P 500 closed Thursday’s session at an all-time high, and the Nasdaq 100 set a new record during trading.
Japan CPI
In Japan, the CPI and core consumer price index (CPI) accelerated in February. They both rose to 2.8% on an annual basis, from 2.2% a month ago for the headline figure and from 2% for its core version. But excluding food and energy, the so-called core CPI, closely watched by the BOJ as an indicator of broader price trends, decelerated to 3.2% in February from 3.5% in January, marking the slowest annual pace since January 2023.
The UK GfK consumer confidence index
The UK growth from knowledge (GfK) consumer confidence index remained at -21 in March, unchanged from February and slightly below forecasts of -19. GfK's measures of households' expectations for their personal finances rose to +2 from 0 in February, positive for the first time in two years.
German Ifo
At 9 a.m. this morning, the German Ifo business climate is forecast to rise in March for a second consecutive month, to 86 from 85.5 in February. A slow recovery from the three and a half-year low of 85.2 hit in January.
JD Wetherspoon
JD Wetherspoon posted a profit before tax of £36 million for the first half, to be compared with £4.6 million a year ago. Total sales increased by 8.2% to £991 million. The board doesn’t recommend the payment of an interim dividend.
Nike
NIKE shares dropped in extended trading on Thursday after the group warned that its revenue in the first half of fiscal 2025 would shrink by a low single-digit percentage. Investors largely ignored Nike's financial performance over the Christmas period. Earnings per share came in at 77 cents, higher than the 74 cents expected. Revenue reached $12.43 billion, up slightly from $12.39 billion a year earlier and better than the $12.28 billion expected.
FedEx
FedEx jumped 13% in extended trading. Adjusted profit for the quarter ended Feb. 29 rose to $3.86 per share, topping analysts' average estimate of $3.51. The parcel delivery firm reported quarterly revenue of $21.7 billion, missing expectations of $21.97 billion and down from the $22.2 billion recorded last year. The market welcomed the improvement in operating margin in its largest unit, Express, up 2.5% after 1.2% a year ago.
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