Nike Is Firing on All Cylinders, Says Jim Cramer
Real Money Stock of the Day Nike (NKE) - Get Nike Inc. Report declined in trading Friday after the athletic apparel giant posted weaker-than-expected fiscal third-quarter sales in North America and noted that a stronger dollar would clip profits over the near term.
Adjusted earnings in the quarter of 68 cents a share topped analysts' forecasts by 3 cents, while a currency-neutral gain of 11% in revenue to $9.6 billion met forecasts. However, $3.81 billion in sales in Nike's key North American market, thanks in part to issues with product launch timing, missed expectations.
Jim Cramer said, "I think that [investors] have to read the whole call and recognize that Nike is firing on all cylinders."
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