Is Now the Right Time to Buy Nike Stock?
Nike's (NYSE: NKE) stock tumbled 13% on Sept. 30 in response to its latest earnings report. In the first quarter of fiscal 2023, which ended on Aug. 31, the athletic footwear and apparel giant's revenue rose 4% year over year (10% in constant currency terms) to $12.7 billion, which beat analysts' estimates by $140 million. Its net income declined 22% to $1.5 billion, or $0.93 per share, but still cleared the consensus forecast by a penny.
Those headline numbers seemed stable, but Nike's declining margins, rising inventories, and gloomy guidance spooked investors. Does that sell-off represent a good long-term buying opportunity for investors who can tune out the near-term noise?
Image source: Nike.
Source Fool.com
