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For the third quarter, the company reported earnings per share of 76 cents, up 4% year over year and above the Zacks Consensus Estimate of 73 cents. Quarterly results gained from impressive top-line growth, lower tax rate, improvement in gross margin and moderately lower average share count, partly offset by higher selling, general and administrative (SG&A) expenses and negative effect of currency rates.Excluding the impact of the currency, the top line surged 13% to $7 billion on the back of robust demand for the company's brands and significant growth in its main categories and all its locations. Sales also came ahead of the Zacks Consensus estimate of $6.8 billion.However, the positivity surrounding Nike's strong quarterly performance and momentum of its business growth has been subdued with its recent projections for weak earnings per share growth in the forthcoming quarter and fiscal 2014 and 2015 due to currency fluctuations. Moreover, the company expects its revenue, gross margin and profit growth in fiscal 2015 to be significantly impacted by the recent currency devaluation of developing markets.
But not all bad teams are losing with an agenda.The Milwaukee Bucks, with their league-worst 12-50 record through Sunday, have been mislabeled as tankers despite a pronounced, expensive effort last summer to improve the roster.The Celtics are considered tankers for trading Paul Pierce and Kevin Garnett, though the deal was universally praised as timely and necessary, given the obvious decline of Boston's stars and the wealth of first-round picks the team received.But definitions have been blurred, and perceptions warped. It's understandable. We live in cynical times, and the NBA has always inspired more roshe runs sale its share of conspiracy theories.The hype over the 2014 draft, which has been called the best in 10 years, has only stoked the suspicion.With the season down to its final quarter, we can safely conclude this much: The tanking trend has been vastly overstated. Tanking exists.