NIKE(US:NKE)2024-10-01 20:15Revenue 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]