Nike (NKE) will report Q3 earnings after the market closes. The call is scheduled for 5 PM ET.

Current Cap IQ estimates Q3 EPS of $0.65 (vs $0.68 last year) on revs +7% Y/Y to $9.6 bln. Estimates are for Q3 gross margin of 44.7% (+90 bps Y/y)

  • Currency neutral Q3 revenue growth is expected squarely within the high single-digit range and gross margin expansion roughly in-line with full year guidance

  • The co typically gives Q4 revenue guidance on the call:

    • Current Cap IQ Estimates Q4 revs of $10.36 bln (+7% Y/Y) w/ gross margin expansion of ~100 bps to 45.7%

NKE has not missed on the bottom-line since Q4 of 2012. NKE hasn't missed on the top-line in 5 straight quarters. 


NKE shares have been on fire so far in 2019, currently up +18% around the 88 level. 

NKE has a $138 bln market cap and trades at a forward P/E of 28.6x vs competitors LULU (35x) and UAA (66x)


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