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NIKE, Inc. Posts Fiscal 2024 Third Quarter Results; Shares Dip in After-Market Trading
BEAVERTON, Ore., March 21, 2024 -- In the latest financial update, NIKE, Inc. (NYSE: NKE) disclosed its fiscal results for the third quarter ending February 29, 2024. The report highlighted slight revenue increases, amidst restructuring efforts and shifting market dynamics. However, in after-market trading, the company's stock experienced a 5.77% drop, signaling investor reactions to the mixed financial performance.
Revenue Insights and Performance Metrics
The third quarter revealed modest growth for NIKE, Inc., with revenues climbing to $12.4 billion. This growth was mirrored in NIKE Direct revenues, which also saw a slight increase, reaching $5.4 billion. Despite the overall positive trend, NIKE Brand Digital sales faced a downturn, decreasing by 3-4% across reported and currency-neutral bases.
Wholesale revenues presented a brighter spot, growing by 3% to $6.6 billion, indicating resilience and potential in NIKE's distribution partnerships. Gross margins saw a significant boost of 150 basis points to 44.8%, despite a 50 basis point hit from restructuring charges. This improvement was largely credited to strategic pricing actions and reduced logistics costs, although tempered by rising product input costs.
Operating Costs and Earnings Per Share
Operational expenses rose by 7% to $4.2 billion, factoring in $340 million worth of restructuring charges. Demand creation and operating overhead expenses also surged, reflecting increased marketing investments and restructuring efforts. The diluted earnings per share stood at $0.77, incorporating the impact of restructuring charges. Adjusted for these charges, earnings per share would have been $0.98.
Strategic Focus and Leadership Commentary
John Donahoe, President & CEO of NIKE, Inc., emphasized the company's commitment to navigating its next growth phase through innovation and enhanced brand storytelling. Matthew Friend, the Executive Vice President & CFO, highlighted the focus on returning to strong growth through a more efficient operational model and new innovation cycles.
Balance Sheet and Shareholder Returns
The balance sheet review showed a 13% decrease in inventories, indicating efforts to streamline operations. Cash and equivalents, along with short-term investments, saw a slight dip to $10.6 billion. NIKE continued its tradition of rewarding shareholders, returning approximately $1.4 billion through dividends and share repurchases. The company remains on track with its $18 billion share repurchase program, signaling confidence in its long-term strategy despite the immediate market response.
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