Nike (NKE) came out with quarterly earnings of $1.01 per share, beating the Zacks Consensus Estimate of $0.85 per share. This compares to earnings of $0.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 18.82%. A quarter ago, it was expected that this athletic apparel maker would post earnings of $0.69 per share when it actually produced earnings of $0.98, delivering a surprise of 42.03%.Over the last four quarters, the compa ...

Core Insights - Nike's fiscal 2024 results show a slight revenue increase of 1% to $51.4 billion, but a 2% decline in the fourth quarter indicates challenges ahead [1] - The direct-to-consumer (DTC) strategy has faced setbacks, with fourth-quarter DTC revenues down 8%, digital sales down 10%, and sales from Nike-owned stores down 2%, while wholesale revenues increased by 5% [2] - Innovation is crucial for Nike, but reliance on classic products has led to a loss of competitive edge against brands like On Running and Hoka [3] - Global performance is mixed, with Greater China seeing a 3% revenue increase, while North America experienced a 1% decline and Converse faced an 18% revenue drop [3] - Nike has initiated a $2 billion cost-saving plan, including layoffs, to focus on key areas such as women's products and the Jordan brand, with CEO John Donahoe expressing optimism for future innovations and the 2024 Paris Olympics [4] Financial Performance - Total revenue for fiscal 2024 reached $51.4 billion, marking a 1% increase year-over-year [1] - Fourth-quarter revenue saw a decline of 2%, falling short of Wall Street expectations [1] - DTC revenues dropped by 8% in the fourth quarter, with digital sales down 10% and Nike-owned store sales down 2% [2] Market Dynamics - North America, Nike's largest market, reported a 1% revenue decline, while Greater China saw a 3% increase [3] - The performance in Europe, the Middle East, and Africa also showed slight declines, indicating broader market challenges [3] - Converse, a subsidiary brand, experienced an 18% revenue decline, highlighting the need for revitalization [3] Strategic Initiatives - Nike has launched a $2 billion cost-saving plan aimed at streamlining operations and reinvesting in key product areas [4] - The company is focusing on women's products, running, and the Jordan brand as part of its strategic shift [4] - CEO John Donahoe remains optimistic about overcoming current challenges and leveraging upcoming events like the 2024 Paris Olympics [4]

Key TakeawaysNike shares fell in extended trading Thursday after the company reported fourth-quarter revenue that fell short of analysts' estimates and said it would update its fiscal 2025 guidance.Revenue fell from the year-ago period and was below expectations, while net income rose and came in above estimates.Nike CEO John Donahoe said the company is taking on "near-term challenges head-on." Nike (NKE) reported fourth-quarter revenue that missed analysts' estimates and said the results drove the company ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Loading...Loading...Apparel and footwear company Nike Inc NKE reported fourth-quarter financial results after the market close Thursday.Here are the key highlights.What Happened: Nike reported fourth-quarter revenue of $12.6 billion, down 2% year-over-year. The revenue total missed a Street consensus estimate of $12.91 billion, according to data from Benzinga Pro.Nike Direct revenue was $5.1 billion in the fourth quarter, down 8% year-over-year. Wholesale revenues were $7.1 billion in the fourth quarter, up ...

Nike shoes and logo are seen at a store in Nice, France on May 28, 2024.Nike on Thursday reported its slowest annual sales growth in 14 years, excluding the Covid-19 pandemic, as the sneaker giant warned of "challenges" that led it to cut its current year outlook."We are driving better balance across our portfolio. While we are encouraged by our progress, our fourth quarter results highlighted challenges that have led us to update our Fiscal '25 outlook," finance chief Matthew Friend said in a news release. ...

Revenue Performance - Full year revenues were $51.4 billion, up 1% on a currency-neutral basis[2] - Fourth quarter revenues were $12.6 billion, down 2% on a reported basis and flat on a currency-neutral basis[2] - NIKE Direct revenues for the fourth quarter were $5.1 billion, down 8% on a reported basis and down 7% on a currency-neutral basis[2] - Wholesale revenues for the fourth quarter were $7.1 billion, up 5% on a reported basis and up 8% on a currency-neutral basis[2] - Revenues for Converse were $480 million, down 18% on a reported basis and down 17% on a currency-neutral basis[3] - Nike's total revenues for the twelve months ended May 31, 2024, were $51.36 billion, showing a 0% change compared to $51.22 billion in 2023[14] - Footwear revenue in North America decreased by 6% to $3.59 billion in Q2 2024 from $3.81 billion in Q2 2023[14] - Apparel revenue in Greater China increased by 10% to $1.83 billion for the twelve months ended May 31, 2024, compared to $1.67 billion in 2023[14] - Equipment revenue in Europe, Middle East & Africa grew by 27% to $754 million for the twelve months ended May 31, 2024, from $592 million in 2023[14] - Converse revenue decreased by 14% to $2.08 billion for the twelve months ended May 31, 2024, from $2.43 billion in 2023[14] - Nike Brand's total revenues for the twelve months ended May 31, 2024, were $49.32 billion, showing a 1% increase compared to $48.76 billion in 2023[15] - NIKE Brand total revenues increased by 1% to $49,322 million, with wholesale sales up 1% to $27,758 million and direct sales up 1% to $21,519 million[16] - Jordan Brand revenues grew by 6% to $6,988 million, the highest growth among all categories[16] - North America revenues increased by 5% to $1,462 million for the quarter and 7% to $5,822 million for the year[18] - Greater China revenues grew by 4% to $548 million for the quarter and 1% to $2,309 million for the year[18] - Global Brand Divisions revenues decreased by 22% to $45 million[16] - Converse revenues declined by 37% to $94 million for the quarter and 30% to $474 million for the year[18] Profitability and Margins - Gross margin for the fourth quarter increased 110 basis points to 44.7%[2] - Net income was $1.5 billion, up 45% for the fourth quarter[4] - NIKE, Inc. EBIT increased by 37% to $1,673 million for the quarter and 6% to $6,539 million for the year[18] - EBIT margin improved to 13.3% for the quarter and 12.7% for the year, up from 9.5% and 12.1% respectively[18] - Diluted EPS excluding restructuring charges was $1.01 for the quarter and $3.95 for the year[20] Inventory and Assets - Inventories for NIKE, Inc. were $7.5 billion, down 11% compared to the prior year[6] - Nike's total assets increased by 2% to $38.11 billion in 2024 compared to $37.53 billion in 2023[13] - Cash and equivalents grew by 33% to $9.86 billion in 2024 from $7.44 billion in 2023[13] - Inventories decreased by 11% to $7.52 billion in 2024 from $8.45 billion in 2023[13] Shareholder Returns - The Company returned approximately $1.6 billion to shareholders in the fourth quarter, including $560 million in dividends and $1.0 billion in share repurchases[7] Earnings Per Share - Diluted earnings per share was $0.99 for the fourth quarter[2] - Diluted EPS excluding restructuring charges was $1.01 for the quarter and $3.95 for the year[20] Product Category Performance - Equipment revenue under Nike Brand increased by 20% to $2.08 billion for the twelve months ended May 31, 2024, from $1.73 billion in 2023[15]

SAN DIEGO, June 27, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired NIKE, Inc. (NYSE: NKE) Class B Common stock between March 19, 2021 and March 21, 2024. NIKE is a global athletic footwear and apparel company that designs, markets, and sells products for its NIKE, Jordan, and Converse brands. For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 3 ...

Analysts' Estimates for Q4 2024Q3 2024Q4 2023Revenue$12.9 billion$12.43 billion$12.83 billionDiluted EPS84 cents77 cents66 centsNet Income$1.27 billion$1.17 billion$1.03 billion Key Metric: Fiscal 2025 Guidance Wedbush Securities analysts wrote in a Friday note that Nike's fourth-quarter earnings may not have a substantial impact on its stock price because they don't expect results significantly off the consensus estimates, plus the company already gave some guidance for fiscal 2025 in its third-quarter ...

Loading...Loading...NIKE, Inc. NKE is set to release earnings results for its fourth quarter, after the closing bell on Thursday.Analysts expect the Beaverton, Oregon-based company to report quarterly earnings at 83 cents per share. That’s up from 66 cents per share in the year-ago period. Nike will post revenue of $12.85 billion for the quarter, compared to $12.82 billion a year earlier, according to data from Benzinga Pro.On June 21, Oppenheimer analyst Brian Nagel upgraded Nike from Perform to Outperform ...