1. Nike Q3 earnings beat estimates
Nike saw revenue for its third quarter of fiscal 2019 rise 7% YoY. This increase brought revenue in at $9.61 billion, in line with the consensus. Earnings per share for the quarter came in at $0.68, $0.03 higher than analysts’ average estimate. During the earnings release, Nike CEO Mark Parker was quoted as saying “In Q3, our team once again drove strong, healthy growth across NIKE’s complete portfolio,” Digital-sales growth in particular, was reportedly strong. Footwear was the company’s fastest-growing product segment, with revenue rising 9% YoY. Apparel also saw meaningful revenue growth, rising 6% during the same period.
2. Levi Strauss raises $623.3 million in IPO
Following its filing with the SEC in February, Levi Strauss & Co. has raised $623.3 million through its IPO at a valuation of $6.5 billion. The retailer offered approximately 36.7 million shares at $17 each, and has begun trading on the New York Stock Exchange under the symbol LEVI. It’s core business of men’s jeans accounted for $4 billion from its $5.6 billion 2018 revenue and was reportedly a “key driver of its profits,” according to the company.
3. Rent the Runway earns billion-dollar valuation
Rent the Runway has raised $125 million in a recent investment round co-led by Franklin Templeton Investments and Bain Capital Ventures, that brings the company’s valuation to $1 billion. The latest round is also reportedly the largest the company has raised to date and brings total equity raised to approximately $337 million.
4. Walmart’s CTO steps down, lands at Pinterest
A day after Walmart announced that its CTO Jeremy King would be stepping down, Pinterest announced that it has hired King as its Head of Engineering. King is credited with transforming Walmart into an omnichannel behemoth and has led the Walmart Labs division as it made more than 10 acquisitions, opened four new offices and formed partnerships with companies including Microsoft and Google. He joins Pinterest as the company is ramping up its shopping efforts. Pinterest CEO Ben Silbermann was quoted as saying “As we build products to inspire people to create a life they love, Jeremy’s technical experience and leadership are a perfect combination to build a visual discovery engine for all.”
5. eBay offers new payment option
eBay is responding to the payment preferences of mobile millennial and Gen Z consumers. Customers on eBay will soon be able to pay for purchases with the Google Pay digital payment platform. Starting in April, users of Android devices can complete eBay transactions using Google Pay via the app, mobile Web and on desktop from sellers participating in managed payments. Customers who have the Google Pay digital wallet will also be able to complete purchases on desktop, regardless of operating system or device.