Nike was one of the retail sector's hottest performers until it became one of the worst. What happened? It caught a case of COVID but it’s getting better now. A refocus on DTC, direct-to-consumer, and digital sales has the top and the bottom lines moving in the right direction and getting the attention of the analysts.
The takeaway from Nike’s FQ2 report, however, is that inventory clearing actions are not only working but are not cutting into results as feared. Strength in the core shoe business is offsetting weakness in other areas and is expected to continue doing so in calendar 2023. Now, with the stock swooshing higher, it looks like a major melt-up is in the works.
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