NIKE(NKE) - 2024 Q4 - Annual Results

Revenue Performance - Full year revenues were $51.4 billion, up 1% on a currency-neutral basis[2] - Fourth quarter revenues were $12.6 billion, down 2% on a reported basis and flat on a currency-neutral basis[2] - NIKE Direct revenues for the fourth quarter were $5.1 billion, down 8% on a reported basis and down 7% on a currency-neutral basis[2] - Wholesale revenues for the fourth quarter were $7.1 billion, up 5% on a reported basis and up 8% on a currency-neutral basis[2] - Revenues for Converse were $480 million, down 18% on a reported basis and down 17% on a currency-neutral basis[3] - Nike's total revenues for the twelve months ended May 31, 2024, were $51.36 billion, showing a 0% change compared to $51.22 billion in 2023[14] - Footwear revenue in North America decreased by 6% to $3.59 billion in Q2 2024 from $3.81 billion in Q2 2023[14] - Apparel revenue in Greater China increased by 10% to $1.83 billion for the twelve months ended May 31, 2024, compared to $1.67 billion in 2023[14] - Equipment revenue in Europe, Middle East & Africa grew by 27% to $754 million for the twelve months ended May 31, 2024, from $592 million in 2023[14] - Converse revenue decreased by 14% to $2.08 billion for the twelve months ended May 31, 2024, from $2.43 billion in 2023[14] - Nike Brand's total revenues for the twelve months ended May 31, 2024, were $49.32 billion, showing a 1% increase compared to $48.76 billion in 2023[15] - NIKE Brand total revenues increased by 1% to $49,322 million, with wholesale sales up 1% to $27,758 million and direct sales up 1% to $21,519 million[16] - Jordan Brand revenues grew by 6% to $6,988 million, the highest growth among all categories[16] - North America revenues increased by 5% to $1,462 million for the quarter and 7% to $5,822 million for the year[18] - Greater China revenues grew by 4% to $548 million for the quarter and 1% to $2,309 million for the year[18] - Global Brand Divisions revenues decreased by 22% to $45 million[16] - Converse revenues declined by 37% to $94 million for the quarter and 30% to $474 million for the year[18] Profitability and Margins - Gross margin for the fourth quarter increased 110 basis points to 44.7%[2] - Net income was $1.5 billion, up 45% for the fourth quarter[4] - NIKE, Inc. EBIT increased by 37% to $1,673 million for the quarter and 6% to $6,539 million for the year[18] - EBIT margin improved to 13.3% for the quarter and 12.7% for the year, up from 9.5% and 12.1% respectively[18] - Diluted EPS excluding restructuring charges was $1.01 for the quarter and $3.95 for the year[20] Inventory and Assets - Inventories for NIKE, Inc. were $7.5 billion, down 11% compared to the prior year[6] - Nike's total assets increased by 2% to $38.11 billion in 2024 compared to $37.53 billion in 2023[13] - Cash and equivalents grew by 33% to $9.86 billion in 2024 from $7.44 billion in 2023[13] - Inventories decreased by 11% to $7.52 billion in 2024 from $8.45 billion in 2023[13] Shareholder Returns - The Company returned approximately $1.6 billion to shareholders in the fourth quarter, including $560 million in dividends and $1.0 billion in share repurchases[7] Earnings Per Share - Diluted earnings per share was $0.99 for the fourth quarter[2] - Diluted EPS excluding restructuring charges was $1.01 for the quarter and $3.95 for the year[20] Product Category Performance - Equipment revenue under Nike Brand increased by 20% to $2.08 billion for the twelve months ended May 31, 2024, from $1.73 billion in 2023[15]