Nike has retracted its full-year performance guidance after reporting lower-than-expected revenue, highlighting the challenges incoming CEO Elliott Hill will face upon taking office later this month. Chief Financial Officer Matt Friend attributed this move to the upcoming leadership transition. The company anticipates a second-quarter revenue decline of 8% to 10%, similar to the drop in the first quarter.Although some initial progress has been made, the situation remains challenging. Nike's stock fell 6.3% ...

Core Insights - Nike has announced the withdrawal of its annual performance guidance and the postponement of its Investor Day event due to the upcoming CEO transition [1][2] - The company reported a net profit of $1.05 billion for the three months ending August 31, which is a decline from $1.45 billion in the same period last year [3] Group 1: CEO Transition and Guidance Changes - Current CEO John Donahoe will depart in October, with Elliott Hill set to take over on October 14 [1] - Nike will provide quarterly performance updates instead of full-year guidance to allow the new CEO to assess strategies and trends [1][2] - The Investor Day event, originally scheduled for November, has been postponed with no new date announced [2] Group 2: Financial Performance and Market Trends - Nike's first-quarter revenue was reported at $11.59 billion, a decline of approximately 10% from $12.94 billion the previous year [3] - The company expects an 8% to 10% revenue decline for the current quarter and a drop in gross margin by roughly 1.5 percentage points [2] - Despite a slight improvement in revenue trends in the latter half of the year, overall expectations have been lowered due to digital traffic and market retail trends [2]

For the quarter ended August 2024, Nike (NKE) reported revenue of $11.59 billion, down 10.4% over the same period last year. EPS came in at $0.70, compared to $0.94 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $11.65 billion, representing a surprise of -0.53%. The company delivered an EPS surprise of +34.62%, with the consensus EPS estimate being $0.52.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expe ...

Elliott Hill is preparing to start as the CEO of Nike amid revenue decline and market challenges.Nike's Q1 fiscal 2025 earnings report shows a 10% revenue drop to $11.6 billion.It seems like Nike is shifting focus from retro styles to a running-focused brand. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized ...

Nike withdrew its annual revenue forecast on Tuesday and missed estimates for quarterly revenue as the sportswear giant battles weak footwear demand amid stiff competition from newer brands globally, sending its shares down 6% after hours.It had earlier forecast a mid-single-digit percentage range decline in annual revenue.The company is yet to see sales benefits from its drive to fast-track innovation with the launch of new product lines such as Air Max Dn and Pegasus 41 to revive demand.Analysts also say  ...

Nike (NKE) came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.94 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 34.62%. A quarter ago, it was expected that this athletic apparel maker would post earnings of $0.85 per share when it actually produced earnings of $1.01, delivering a surprise of 18.82%.Over the last four quarters, the compa ...

Nike (NKE, Financial) reported a 10% decline in its first-quarter revenue to $11.59 billion, falling slightly below the average analyst estimates. Despite this, the company announced earnings per share of $0.70, which exceeded expectations.The company's margins improved year-over-year and surpassed projections, credited to lower costs in products, warehousing, and logistics. Price adjustments made in the previous year also contributed to increased profitability.Nike's revenue in Greater China outperformed e ...

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]