Nike 2Q Beats Street on Top and Bottom Lines

Nike reported second-quarter earnings that beat Wall Street's projections.
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Nike (NKE) - Get Report reported second-quarter earnings of 50 cents per share, beating Wall Street's projection of 43 cents. Revenue for the athletic apparel outfit came in at $8.2 billion, topping analysts' estimate of $8.09 billion. Gross margin contracted 140 basis points to 44.2% due to higher product costs, unfavorable changes in foreign exchange rates and higher off-price sales. As for inventories, they came in at $5 billion, up 9% from the prior year.