Ferrari hits a wall in China

Italian sports-car and luxury-goods company Ferrari has become the latest to point a finger at China for a contraction in sales volumes.

Shares of Ferrari’s US-listed ADR are down 7.5% as of Tuesday afternoon, on track for their largest one-day loss since March 2022.

Shipments in greater China were down nearly 30% compared to the same quarter one year ago, according to the firm.

Ferrari Group shipments by region:

CEO Benedetto Vigna said that because of the “tax structure over there,” Ferraris in China “can cost up to 3x what the client will pay in Europe.”

The likes of Starbucks and Royal Philips, as well as pretty much every company in the luxury-goods and beauty industries, have flagged softness in Chinese demand as a headwind for their businesses.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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