The Nike logo is displayed at a Nike Well Collective store on February 16, 2024 in Glendale, California.Nike on Thursday reported holiday sales that beat estimates, helped by better than expected growth in North America.Here's how the company performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:Earnings per share: 77 cents vs. 74 cents expectedRevenue: $12.43 billion vs. $12.28 billion expectedThe company's reported net income for the ...

Revenue Performance - Third quarter revenues were $12.4 billion, slightly up on both a reported and currency-neutral basis[3] - NIKE Direct revenues were $5.4 billion, slightly up on a reported and currency-neutral basis[3] - NIKE Brand Digital sales decreased 3% on a reported basis and 4% on a currency-neutral basis[3] - Wholesale revenues were $6.6 billion, up 3% on a reported and currency-neutral basis[3] - North America footwear revenue increased by 4% to $3.46 billion for the three months ended February 29, 2024[11] - Europe, Middle East & Africa apparel revenue decreased by 9% to $994 million for the three months ended February 29, 2024[11] - Greater China total revenue increased by 5% to $2.08 billion for the three months ended February 29, 2024[11] - Asia Pacific & Latin America footwear revenue increased by 5% to $1.195 billion for the three months ended February 29, 2024[11] - Converse revenue decreased by 19% to $495 million for the three months ended February 29, 2024[11] - Total NIKE Brand revenues increased by 2% to $11.948 billion for the three months ended February 29, 2024[12] Profitability and Margins - Gross margin increased 150 basis points to 44.8%, including a detriment of 50 basis points due to restructuring charges[3] - Selling and administrative expense increased 7% to $4.2 billion, including $340 million of restructuring charges[3] - Diluted earnings per share was $0.77, including $0.21 of restructuring charges[3] - North America EBIT increased by 18% to $1.4 billion for the three months ended February 29, 2024[14] - Greater China EBIT increased by 3% to $722 million for the three months ended February 29, 2024[14] - Converse EBIT decreased by 40% to $98 million for the three months ended February 29, 2024[14] - Total NIKE, Inc. EBIT decreased by 8% to $1.352 billion for the three months ended February 29, 2024[14] Earnings Per Share (EPS) - Diluted earnings per share (GAAP) for the three months ended 2/29/2024 was $0.77[16] - Diluted earnings per share (GAAP) for the nine months ended 2/29/2024 was $2.74[16] - Restructuring charges added $0.26 to diluted earnings per share for both the three and nine months ended 2/29/2024[16] - Tax effect of the restructuring charges reduced diluted earnings per share by $0.05 for both the three and nine months ended 2/29/2024[16] - Diluted earnings per share excluding restructuring charges (non-GAAP) for the three months ended 2/29/2024 was $0.98[16] - Diluted earnings per share excluding restructuring charges (non-GAAP) for the nine months ended 2/29/2024 was $2.95[16] - No material restructuring charges impacted comparability for the three and nine months ended February 28, 2023[15] Financial Position - Inventories for NIKE, Inc. were $7.7 billion, down 13% compared to the prior year[5] - Cash and equivalents and short-term investments were $10.6 billion, down approximately $0.2 billion from last year[5] Shareholder Returns - NIKE returned approximately $1.4 billion to shareholders, including dividends of $562 million and share repurchases of $866 million[6]

  Analyst Estimates for Q3 FY 2024Q2 FY 2024Q3 FY 2023 Revenue$12.28 billion$13.39 billion$12.39 billionDiluted EPS$0.73 $1.03$0.79Net Income$1.11 billion$1.58 billion$1.24 billion Key Metric: Gross Margin For the first earnings report since announcing its $2 billion cost-cutting effort, a key metric to watch will be Nike's gross margin, as it could offer an idea of what progress the company is making in reducing costs and becoming more profitable. Analysts project a gross margin for the third quarter of ...

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, ...

Analysts on Wall Street project that Nike (NKE) will announce quarterly earnings of $0.69 per share in its forthcoming report, representing a decline of 12.7% year over year. Revenues are projected to reach $12.29 billion, declining 0.8% from the same quarter last year.The consensus EPS estimate for the quarter has undergone a downward revision of 1.9% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during ...

NIKE Inc. (NKE) is slated to release third-quarter fiscal 2024 results on Mar 21. The leading sports apparel retailer is likely to have witnessed year-over-year declines in the top and bottom in the fiscal third quarter.The company has been gaining from its Consumer Direct Acceleration strategy, along with strong demand, compelling products and robust performance in its digital and DTC businesses. Supply-chain constraints, continued weakness in Greater China and higher costs have been weighing on its bottom ...

The market expects Nike (NKE) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended February 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on March 21, 2024, might help the stock move higher if these key numbers are better t ...

Investors are always looking for stocks that are poised to beat at earnings season and NIKE, Inc. (NKE) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because NIKE is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of s ...

Key PointsThe apparel industry has been heating up lately, but not all stocks are equal. Here's why Nike is a top choice.The writing is on the wall for Wall Street analysts, and you can easily justify their boosts in price targets and EPS projections.Nike is head and shoulders above its peers. Its size and international exposure make it a prime target for stability and growth.5 stocks we like better than Lululemon AthleticaUncertain stock market times tend to drive wealthy investors and the institutions tha ...

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nike. The Motley Fool recommends the following options: long January 2025 $47.50 calls on Nike. The Motley Fool has a disclosure policy.Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by T ...