原文标题：
Nike shares fall as overstocked inventory weighs on earnings
由于库存积压影响收益，NIKE股价下跌
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原文连结：
https://www.cnbc.com/2022/09/29/nike-nke-earnings-q1-2023.html
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发布时间：
Sep 29 2022
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记者署名：
Lillian Rizzo
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原文内容：
Key Points
Nike first fiscal quarter revenue was up 4% to $12.69 billion,
beating estimates.
Nike net income was down 22% to $1.5 billion.
The sneaker giant said inventory on its balance sheet was up 44% to $9.7
billion, driven by continued supply chain issues.
NIKE第一财季收入增长 4% 至 126.9 亿美元，优于预期。
耐克净收入下降 22% 至 15 亿美元。
这家运动鞋巨头表示，由于持续的供应链问题，
其资产负债表上的库存增加了 44% 至 97 亿美元。
Nike on Thursday said it had a strong first fiscal quarter
despite supply chain issues, as well as declining sales in Greater China,
its third biggest market by revenue.
尽管存在供应链问题，
以及按收入计算的第三大市场大中华区的销售额下降，但该公司第一财季表现强劲。
But the company’s shares dropped in after-hours trading as
the company described problems with overstocked inventory and
the aggressive steps it’s taking to lower them.
NIKE股票在盘后交易中下跌，
因为该公司描述了库存积压的问题以及它正在采取的积极措施来降低库存。
Nike and other retailers have been facing supply chain headwinds and
Covid-related store closure disruptions.
Like other retailers, Nike has been facing supply chain headwinds, such as a
rise in both shipping costs and shipping times in recent quarters.
Here’s how Nike did in its first fiscal quarter compared with what Wall
Street was anticipating, based on a survey of analysts by Refinitiv:
Earnings per share: 93 cents vs. 92 cents expected
Revenue: $12.69 billion vs. $12.27 billion expected
每股收益：93 美分，预期为 92 美分
收入：126.9 亿美元，预期为 122.7 亿美元
As delivery times and consumer demand rose this year, retailers responded by
ordering inventory earlier than usual. When in-transit shipping time began to
improve quickly, Nike CFO Matthew Friend said, it led to swelling inventories.
当在途运输时间开始迅速改善时，导致库存膨胀。
The Nike executive noted that this, mixed with consumers facing greater
economic uncertainty, promotional activity has accelerated across the
marketplace, especially for apparel brands.
消费者面临更大的经济不确定性，整个市场的促销活动加速，尤其是服装品牌。
“As a result, we face a new degree of complexity,” Friend said on the call
with investors on Thursday, adding that Nike will look to clear inventory for
specific pockets of “seasonally late products,” especially apparel.
耐克将清理“季节性延迟产品”的库存，尤其是服装。
Nike executives said its inventory in North America alone grew 65% compared
to last year, reflecting a combination of late deliveries for the past two
seasons and early holiday orders that are now scheduled to arrive earlier
than planned.
That has resulted in having a few seasons’ worth of merchandise available at
the same time. Because of that, Friend said, “we’ve decided to take that
inventory and more aggressively liquidate it so that we can put the newest
and best inventory in front of the consumer in the right locations.”
Nike reported net income for the three-month period ended Aug. 31 fell 22% to
$1.5 billion, or 93 cents per share, compared with $1.87 billion, or $1.18
per share, a year earlier.
Revenue during the period was up 4% to $12.7 billion, compared with $12.2
billion a year earlier.
Recently, Nike has been shifting its strategy and looking to sell its
sneakers and other merchandise directly to customers and scale back on what
is sold by wholesale partners like Foot Locker. The company said on Thursday
its direct sales grew by 8% to $5.1 billion, and sales for its digital-brand
rose 16%. On the flip side, sales for Nike’s wholesale business sales
increased by 1%.
In its first fiscal quarter, Nike said its inventory rose 44% to $9.7 billion
on its balance sheet from the same period last year, which the company said
was driven by supply chain issues and partially offset by strong consumer
demand.
Total sales in Greater China were down 16% to about $1.7 billion, compared
with nearly $2 billion a year earlier. The company has faced disruption in
its business in the region, where Covid lockdowns have affected its business.
Nike had said in the previous quarter it expected issues in Greater China to
weigh on its business.
Meanwhile, total sales in North America, Nike’s largest market, increased
13% to $5.5 billion in the first fiscal quarter, compared with roughly $4.9
billion in the same period last year. The sneaker giant has continuously said
consumer demand, especially in the U.S. market, hasn’t waned despite
inflation.
这家运动鞋巨头一直表示，尽管通货膨胀，
消费者需求，尤其是美国市场的需求并未减弱。
The company said Thursday it expects revenue in the second fiscal quarter to
grow low double digits based on strong consumer demand, despite supply chain
and foreign exchange currency headwinds.
心得/评论：
※必需填写满30字，无意义者板规处分
(跳着机翻一下)
尽管营收盈余略优于市场预期 nike盘后怒跌9%
主因库存爆增
以及nike宣示将用更多的折扣来清理库存
这将导致利润率下滑
儒鸿等纺织类股今天压力山大?