Taobo (06110) fell more than 6%. As of press release, it was down 6.46% to HK$5.36, with a turnover of HK$28.238,200.
The Zhitong Finance App learned that Taobo (06110) fell by more than 6%. As of press release, it fell 6.46% to HK$5.36, with a turnover of HK$28.238,200.
According to the news, Nike, a major customer of the company, will release the results for the third quarter of fiscal year 2024 on March 21. The market expects the retailer's revenue for the third fiscal quarter to decline year over year. The market's general forecast for Nike's revenue for the third fiscal quarter was US$12.289 billion, down 0.82% from the same period last year. The general forecast for the company's earnings per share for the fiscal third quarter was 71 cents, down 10.05% from the same period last year.
Citigroup said that since the second fiscal quarter, the market has been pessimistic about Nike's sales prospects, especially in the North American market. Despite improvements in Nike inventory, promotions are still frequent, and retailers are wary of orders. Meanwhile, in Asia and Europe, the macroeconomic environment remains unstable. Coupled with the recovery in Adidas's market share, it is also putting pressure on Nike. According to Taobo's previous financial report, the company's revenue from sales of Nike/Adidas products accounted for 87.1% of total revenue.