On March 21, 2024, Nike, Inc. released its financial results for the fiscal quarter ending February 29, 2024. The company reported a slight increase in revenues to $12.4 billion, with Nike Direct revenues also slightly up at $5.4 billion. However, Nike Brand Digital sales saw a decrease of 3 percent on a reported basis. Wholesale revenues increased by 3 percent to $6.6 billion. Gross margin improved by 150 basis points to 44.8 percent, despite restructuring charges that negatively impacted it by 50 basis points. Selling and administrative expenses rose by 7 percent to $4.2 billion, which included restructuring charges of $340 million. Diluted earnings per share were reported at $0.77, but excluding restructuring charges, it would have been $0.98. Nike's President & CEO, John Donahoe, expressed confidence in the company's adjustments for growth, while CFO Matthew...Show More

On March 21, 2024, Nike, Inc. released its financial results for the fiscal quarter ending February 29, 2024. The company reported a slight increase in revenues to $12.4 billion, with Nike Direct revenues also slightly up at $5.4 billion. However, Nike Brand Digital sales saw a decrease of 3 percent on a reported basis. Wholesale revenues increased by 3 percent to $6.6 billion. Gross margin improved by 150 basis points to 44.8 percent, despite restructuring charges that negatively impacted it by 50 basis points. Selling and administrative expenses rose by 7 percent to $4.2 billion, which included restructuring charges of $340 million. Diluted earnings per share were reported at $0.77, but excluding restructuring charges, it would have been $0.98. Nike's President & CEO, John Donahoe, expressed confidence in the company's adjustments for growth, while CFO Matthew Friend emphasized actions to build a more efficient Nike. The company's inventory levels decreased by 13 percent compared to the previous year, and cash and equivalents along with short-term investments were slightly down by $0.2 billion. Nike continued its shareholder returns, declaring dividends of $562 million, up 6 percent from the prior year, and repurchasing $866 million in shares. The company held a conference call to discuss the quarterly results and maintains its position as a leading global designer and distributor of athletic footwear and apparel.