The shares of global sport equipment and apparel retailer,
), soared to a new 52-week high of $62.81 on Monday, Apr 29. This
Zacks Rank #2 (Buy) company closed trade at $62.63, representing
a solid return of 12.0% year over year and gaining about 20.8%
year to date. Average volume of shares traded over the last 3
months stands at approximately 3,818K.
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Alongside, companies like
The Walt Disney Company
G-III Apparel Group Ltd.
) crafted new 52-week highs of $35.30, $63.25 and $41.14,
respectively on Monday.
An impressive record of beating the quarterly earnings
expectations, sustained focus on brand building as well as
initiatives to expand operations in the emerging markets are the
major attributes that pushed the shares of Nike to a new high.
With respect to earnings surprise, Nike has surpassed the Zacks
Consensus Estimate thrice in the trailing four quarters with an
average surprise of 4.9%. The company witnessed an earnings
surprise of 9.0% in the most recently reported third quarter of
Nike came up with its third-quarter fiscal 2013 earnings of 73
cents per share in March, which surpassed the Zacks Consensus
Estimate of 67 cents. Moreover, the quarterly earnings climbed
19.7% year over year, resulting from increased revenues, improved
margins, lower share count and reduced tax rate.
Nike's total revenue grew 9% year over year to $6,187 million,
primarily driven by robust performances across all geographical
regions barring Greater China and Japan. Moreover, the company
registered growth in all key categories excluding Sportswear and
Further, we believe Nike's continued focus on expanding its
global footprint and augmenting market share via acquiring new
brands bode well for future growth. Simultaneously, the company
has moved out of its underperforming brands such as Umbro and
Cole Haan. We believe that this strategy will help Nike increase
focus on its faster growing brands while reducing costs.