LIVE: Nike reports earnings
Nike is set to report its fiscal-fourth-quarter earnings after the closing bell on Thursday.
Investors will be paying attention to the apparel giant's North American revenue after three straight quarters of declines. In the prior quarter, strong revenue growth in Asia and Latin America helped offset some of the weakness elsewhere.
Also, investors be watching for whether Nike can turn around eight quarters of shrinking gross margins.
Analysts forecast that Nike will report adjusted earnings per share of $0.64, according to Bloomberg. Revenue is expected to grow 8% to $9.41 billion. In March, the company forecast revenue growth in the high-single-digit range.
North American revenue is forecast to total $3.8 billion.
Nike's newly released footwear including the Air VaporMax Flyknit and Air Max 270 were well received by retailers including Foot Locker, according to the Telsey Advisory Group. Also, analysts at Susquehanna said recent channel checks showed these new products were retailing well, although the company faces a steep hill towards its $50 billion full-year revenue target for 2022, according to Bloomberg.
Susquehanna further noted that foreign-currency volatility, created by trade tensions, could bite out of Nike's profits.
Nike shares have gained 15% this year.
This story is developing, check back here for updates.