25 pts, 6 rebounds, 4 assists is great... but not Nike great (LeBron's laughing at you). That sums up Nike's 3rd quarter, which just got off the bench to share its stats. The results dropped shares 2% Thursday, knocking Nike slightly off its record high.
- www.MVP.com: Online sales leapt 38% thanks to an insane 70% Black Friday surge in North America — that's even more impressive since Nike just stopped selling on Amazon (where it was listed among knockoffs).
- Home-field disadvantage: But shares fell because North America makes up 39% of Nike's sales, yet it's growing about a third as fast (5% sales growth) as it is abroad (13%).
Achilles among the Myrmidons... That's Air Jordan. The brand is named/logo'd after the 6-time MVP-winner. Michael enjoys handsome royalty payments for each pair sold, but Air Jordan is still owned by Nike. Jordan just hit $1B in quarterly sales for the 1st time ever — it's now 10% of Nike's sales as it suits up legends at Universities of Michigan and Florida (Go Gators, Go Blue).
Mark leaves Nike in good shoes... Mark Parker, the longtime CEO, taps out in January. He's replaced by John Donahoe, whose biceps scream tech (ex-eBay CEO). Here's the funny thing: Nike's tech-powered online sales look better than ever. Direct-to-you Nike.com and Nike app sales crushed its physical stores. This new guy has big shoes to fill — shoes that doubled the stock since 2016.