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Nike had it's Slowest Quarterly Sales Growth

The S&P CoreLogic Case-Shiller U.S. National Home Price reported a 5.9% annual gain through July. Seattle, Portland, and Las Vegas reported the highest year-over-year gains. Seattle led the way with a 13.5% year-over-year price increase, followed by Portland with a 7.6% increase, and Las Vegas with a 7.4% increase. The National Index posted a month-over-month gain of 0.7% in July.

The Conference Board Consumer Confidence Index, which had improved marginally in August, declined slightly in September. The Index now stands at 119.8, down from 120.4 in August. The Present Situation Index decreased from 148.4 to 146.1, while the Expectations Index rose marginally from 101.7 last month to 102.2.

Nike had its slowest quarterly sales growth in nearly seven years as competition intensified by Adidas. Beaverton, Oregon-based Nike also said it expects its second-quarter revenue to grow in the low single-digit percentage range. Nike's gross margins fell 1.8%, while inventory was up 6%. Revenue from North America, the company's largest revenue contributor, fell 3% percent - its first decline in more than 10 quarters. Total revenue rose marginally to $9.07 billion, while Nike said it earned 57 cents per share. (Reuters)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.


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