1 Growth Stock Down 14% to Buy Right Now
2022 wasn't kind to growth stock investors. Carnage was widespread among some of Wall Street's favorite companies, especially those situated in consumer-focused industries.
Fears around slowing sales and a potential recession helped to push Nike (NYSE: NKE) stock down roughly 14% in the year ended in mid-January. But Nike demonstrated in its latest earnings report that it is still firmly in growth mode. Let's look at a few reasons why the stock's best days are still ahead of it.
Nike's report for the second quarter of fiscal 2023 (ended Nov. 30, 2022) showed strong – and accelerating – sales trends. The footwear giant's quarterly revenue spiked 17%, hitting $13.3 billion compared to $11.4 billion in the year-ago period. That on its own was impressive enough. But consider that this figure jumps to 27% growth after accounting for currency exchange rate shifts. Nike also achieved a significant sequential step-up, as revenue gains were just 10% in the first quarter of the 2023 fiscal year.
Source Fool.com
