Nike reported its Q3 FY24 earnings, surpassing Wall Street expectations with an EPS of $0.77 against the forecasted $0.75 and revenue of $12.4 billion, exceeding the anticipated $12.3 billion and estimates of $12.31B. This performance marks a notable achievement as it reflects a slight year-over-year increase in revenue. The company's net income stood at $1.172 billion, with a pretax profit of $1.404 billion, despite expectations of $1.130 billion and $1.410 billion, respectively. Adjusted EPS was reported at $0.98, significantly higher than the estimated $0.74. Nike's successful quarter was attributed to strategic pricing actions, lower ocean freight and logistics costs, and a 13% decrease in inventories year-over-year, leading to a gross margin increase to 44.8%. Direct sales remained steady year-over-year at $5.4 billion, with restructuring charges around $0.3 billion. Following the announcement, Nike's stock rose, indicating positive market reception to its earnings beat and the progress in its multiyear cost-cutting plan aimed at reigniting growth, with a stock increase of +2.5% AH.
Nike double beat in Q3 FY 24 with inventories down 13% YoY: "Gross margin increased 150 bps to 44.8%, primarily driven by strategic pricing actions & lower ocean freight & logistics costs, partially offset by higher product input costs & restructuring charges" $NKE: +2.5% AH https://t.co/0VK4ROmuSb https://t.co/aezlfkDBeC
$NKE | Nike Q3 Earnings Highlights: Revenue Beat, EPS Beat And More Nike reported third-quarter revenue of $12.429 billion, which was up slightly year-over-year. Nike beat revenue and earnings per share estimates. https://t.co/h3eZSy9OCf
Nike Inc $NKE Earnings: - Diluted EPS of $0.77 - Adjusted Diluted EPS of $0.98 - Revenue of $12.4 billion - NIKE Direct Revenue of $5.4 billion “We are making the necessary adjustments to drive NIKE’s next chapter of growth,” said John Donahoe, President & CEO, NIKE, Inc.… https://t.co/R1fCy5Oohv
Nike holiday sales top estimates, helped by better than expected North America growth https://t.co/0Kx9raUV0b
Nike stock rises amid ‘progress’ on efforts to reignite better growth https://t.co/2i28ePTh5u
$NKE Nike Q3 FY24 (ending Feb. 2024). • Revenue +0% Y/Y to $12.4B ($130M beat). • Non-GAAP EPS $0.98 ($0.23 beat). • Inventory -13% Y/Y to $7.7B. • Direct sales +0% Y/Y to $5.4B. • Restructuring charges ~$0.3B. https://t.co/rr46qCPcfU
Nike stock rises after quarterly results beat estimates, amid ‘progress’ on efforts to reignite better growth https://t.co/OgzLtGT3M5
Nike reported sales that were stronger than anticipated as the company ramps up a multiyear cost-cutting plan in the face of weaker demand for its sneakers and apparel. https://t.co/9iuIyKbspd
History of Nike's $NKE March quarter Revenue since 2000 2000: $2.2B 2001: $2.2B 2002: $2.3B 2003: $2.4B 2004: $2.9B 2005: $3.3B 2006: $3.6B 2007: $3.9B 2008: $4.5B 2009: $4.4B 2010: $4.7B 2011: $5.1B 2012: $5.7B 2013: $6.2B 2014: $7B 2015: $7.5B 2016: $8B 2017: $8.4B 2018: $9B…
$NKE | Nike Q3 Earnings: - Adj EPS $0.98 (Est. $0.74) - Sales $12.429B (Est. $12.281B)
$NKE | Nike Q3 24 Earnings Results: - EPS: $0.77 (est $0.74) - Revenue: $12.43B (est $12.31B) - Net Income: $1.172B (est $1.130B) - Pretax Profit: $1.404B(est $1.410B) - Gross Margin 44.8% https://t.co/CtqQkwzEql
NIKE $NKE JUST REPORTED EARNINGS EPS of $0.77 beating expectations of $0.75 Revenue of $12.4B beating expectations of $12.3B
Nike $NKE earnings: Here's what analysts expect https://t.co/NinwL6Tp2A https://t.co/ermAsGbrd4
Nike $NKE reports earnings today after the markets close, Wall ST is expecting numbers of EPS of $0.75 down 5.1% YoY Revenue of $12.3B down 0.7% YoY