Nike pulled its financial guidance for the year, reported a steep drop in revenue and postponed a highly anticipated update for shareholders, days after announcing the replacement of its CEO.Profits at the American sportswear giant, grappling with falling sales and intense competition from fast-growing rivals, also declined. “A comeback at this scale takes time,” it said.Shares in the firm dropped 8% during out-of-hours trading in New York.Revenue at Nike fell 10% to $11.59bn in the three months to 31 Augus ...

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, ...

Revenue Performance - Q1 revenues were $11.6 billion, down 10% on a reported basis and down 9% on a currency-neutral basis[2][4] - NIKE Direct revenues were $4.7 billion, down 13% on a reported basis and down 12% on a currency-neutral basis[2][4] - Wholesale revenues were $6.4 billion, down 8% on a reported basis and down 7% on a currency-neutral basis[2][4] - North America footwear revenue decreased by 14% to $3,212 million from $3,733 million[13] - Europe, Middle East & Africa total revenue declined by 13% to $3,143 million from $3,610 million[13] - Greater China total revenue dropped by 4% to $1,666 million from $1,735 million[13] - Asia Pacific & Latin America total revenue fell by 7% to $1,462 million from $1,572 million[13] - Total NIKE Brand revenue decreased by 10% to $11,111 million from $12,353 million[13] - Converse revenue declined by 15% to $501 million from $588 million[13] Profitability and Margins - Gross margin increased 120 basis points to 45.4%[2][4] - Diluted earnings per share was $0.70, down 26%[2][4] - Net income was $1.1 billion, down 28%[4] - Total NIKE, Inc. EBIT decreased by 22% to $1,264 million from $1,614 million[14] - EBIT margin dropped to 10.9% from 12.5%[14] - North America EBIT decreased by 15% to $1,216 million from $1,434 million[14] - Greater China EBIT declined by 4% to $502 million from $525 million[14] Financial Position - Inventories were $8.3 billion, down 5% compared to the prior year[5] - Cash and equivalents and short-term investments were $10.3 billion, up approximately $1.5 billion from last year[5] - The Company returned approximately $1.8 billion to shareholders, including $558 million in dividends and $1.2 billion in share repurchases[6] Tax Rate - The effective tax rate was 19.6% compared to 12.0% for the same period last year[4]

An employee carries shoe boxes at the Footlocker retail store in the Barton Creek Square Mall on August 28, 2024 in Austin, Texas.Nike will report quarterly earnings on Tuesday as investors brace for another set of less-than-stellar results. The company announced last month that CEO John Donahoe would be stepping down.Here's what analysts are expecting from the world's largest sneaker company for its fiscal first quarter of 2025, according to consensus estimates from LSEG:Earnings per share: 52 centsRevenue ...

Tuesday, October 1st, 2024We start a new trading day quietly, albeit at record-high levels on the blue-chip Dow and S&P 500 indexes. We’re lower at this hour, but unconvincingly so: the Dow is -121 points, -0.28%, the S&P -0.11%, the Nasdaq -0.02% and the small-cap Russell 2000 is at -0.15%. But we may expect a turnaround based on favorable data after the opening bell (should it actually be favorable).September Manufacturing Data On DeckBoth ISM Manufacturing and final S&P Manufacturing PMI reports are out ...

Market Psychology and Price Levels - The $88.50 level is a significant price point for Nike Inc (NKE) due to investor and trader psychology, particularly involving remorseful sellers [1][2] - Remorseful sellers who previously sold at the $88.50 support level later repurchased shares at the same price, creating a concentration of buy orders that reinforced the support level [2][3] - In July, the $88.50 support level was broken, but the stock later reversed and rallied back to this level, which then acted as resistance due to buyers' remorse [3] Nike's Price Action - In September 2023, $88.50 served as a support level for Nike, though the reason for its importance was unclear [1] - The same $88.50 level also acted as support in April, driven by the market principle of remorseful sellers repurchasing shares [1][3] - The transition of $88.50 from support to resistance highlights the dynamic nature of key price levels in financial markets [3]

Nike's going back to the past to ensure its future.It's been a tough stretch for sporting apparel and shoe giant Nike (NKE -0.23%). The company, famous for its Swoosh logo, has lost its growth momentum after an excellent couple of years following the onset of the pandemic. Today, investors question the company's competitive moat as emerging competitors like Deckers Brands, which sells Hoka sneakers, have enjoyed solid success.Nike has grown concerned enough that it ousted CEO John Donahoe to bring back form ...

As Nike prepares to report earnings for the first quarter of fiscal 2025 Tuesday (Oct. 1), the company faces significant hurdles marked by a leadership transition and shifting market dynamics. Elliott Hill will take over as CEO from John Donahoe  on Oct. 13, a move aimed at revitalizing the brand amid declining sales and heightened consumer expectations for innovation and a revamped digital transformation strategy.Analysts project a 10% drop in revenue, forecasting total earnings to fall to approximately $1 ...

JHVEPhoto/iStock Editorial via Getty Images Nike (NYSE:NKE), the footwear and athletic apparel giant, reports their fiscal Q1 ’25 after the market closes on Tuesday, October 1, ’24. Sell-side consensus is expecting $0.52 in EPS, roughly $878 million in operating income on $11.6 billion ...

Svetlanka777/iStock via Getty Images Listen below or on the go on Apple Podcasts and Spotify Economists expect the 144K jobs added in September. (0:29) Nike may rip off the Band Aid. (1:49) OpenAI losses. (3:30) The following is an abridged transcript: This week asks a tough question about what the stock market cares about. The economy or corporate earnings. Usually the monthly jobs report would be the no-brainer for a headliner. But with the cool inflation data from the core PCE index on Friday and ...