Summary by Moomoo AI
On June 27, 2024, Nike, Inc. released its financial results for the fiscal quarter and year ending May 31, 2024. The company reported a slight increase in full-year revenues to $51.4 billion, up from $51.2 billion the previous year, marking a 1 percent rise on a currency-neutral basis. However, fourth-quarter revenues saw a 2 percent decline to $12.6 billion, remaining flat on a currency-neutral basis. Nike Direct revenues for the quarter fell by 8 percent to $5.1 billion, while wholesale revenues increased by 5 percent to $7.1 billion. The gross margin improved by 110 basis points to 44.7 percent, and diluted earnings per share for the quarter were $0.99. Nike's President & CEO, John Donahoe, emphasized the company's focus on addressing near-term challenges and driving long-term growth. The company also highlighted its shareholder returns, with $1.6 billion returned in the fourth quarter, including dividends and share repurchases. Nike's management hosted a conference call to discuss the results and the call was broadcast live for investors and interested parties.