Fly News Breaks for June 19, 2019
Jun 19, 2019 | 06:58 EDT
Citi analyst Paul Lejuez lowered his fiscal 2020 earnings per share estimate for Nike to $3.04 from $3.10 ahead of the company's fiscal Q4 results on June 27. The analyst conducted a survey of athletic/sporting goods retailers across China and Europe to gain a better understanding of how Nike's business performed in the quarter. Based on the survey responses, he sees some indications of weaker performance for Nike in China over the past two quarters. Whether this will impact Nike's results next week is unclear, but the survey suggests that a weakening macro environment in China is a concern for retailers of Nike product, Lejuez tells investors in a research note. His reduced estimate reflects slightly lower China sales but the analyst keeps a Buy rating on the name.
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