Nike is going to have to keep on growing really fast if it wants to justify its high stock price. WSJheard reporter jdlahart explains how it might just do it. WSJWhatsNow
By Justin Lahart Sept. 25, 2019 7:00 am ET For a sneaker company, shares of Nike NKE 4.16% look awfully expensive. But Nike has turned itself into something more than a sneaker company.
Indeed, there can be little criticism of how Nike performed in its first quarter. It is Nike’s stock price where doubt creeps in: Its shares traded at about 29 times expected earnings as of Tuesday’s close, which compares with about 17 for the broader S&P 500. For starters, the company is at the forefront of a cultural shift toward athleisure and street fashion. Wearing a pair of Nike sneakers or a Nike shirt to the office or for a night out has become accepted behavior in many settings. More and more people view sneakers as a fashion accessory, and owning multiple pairs of Nikes is becoming normalized. Witness the massive collections of sneakerheads with big social-media followings—some of whom are Nike-sponsored athletes.
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