Activewear trendsetter NIKE, Inc. (NKE) is scheduled to unveil its fiscal third-quarter report after the market closes on Thursday, March 21, 2024. However, the anticipated results are likely to mirror the effects of reduced consumer demand for athletic apparel in the prevailing economic climate. So, I believe it's prudent to maintain a Hold stance on the stock for now. In this article, I will delve into the reasons behind this recommendation.
In the fiscal second quarter that ended on November 30, 2023, the company disclosed a total revenue of $13.39 billion, just below the estimated $13.43 billion. For the fiscal 2024 third quarter (ended February 2024), Street projects NKE’s EPS to drop 4.3% from the previous-year quarter to $0.76. It is also expected to report a marginal year-over-year decrease in its revenue of $12.29 billion.
