After the closing bell on Thursday, Nike (NKE) released its third quarter financial results. Here’s what the results mean for mutual fund investors.
Inside NKE's Results
Nike reported net income of $791 million, or 89 cents per share, up 16% from $682 million, or 75 cents per share, last year. On average, analysts expected to see EPS of 84 cents.
Sales increased 7% to $7.46 billion from $6.97 billion last year. Analysts expected to see revenue of $7.62 billion.
Challenging Macroeconomic Conditions Continue
Nike reported higher results for the third quarter, but the stronger dollar cut into its sales. Sales increased 7% during the quarter, but the company noted that excluding the impact of foreign exchange rates, sales rose 13%.
The company has been growing due to higher demand for athletic wear fashion products, but Nike now expects to see lower results for FY2016 due to challenging macroeconomic conditions.
Mutual Funds to Watch
Investors seeking exposure to Nike may consider one the funds below as an alternative to investing directly in the stock. These funds currently have the largest stakes in the company.
|VTSMX||Vanguard Total Stock Market Index||1.38%|
|VFINX||Vanguard 500 Index||0.90%|
The Bottom Line
The funds above offer investors a diversified bundle of securities across several industries. Investors interested in Nike may also be interested in Under Armour (UA) and Finish Line (FINL).
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