NIKE(NKE) - 2024 Q3 - Quarterly Results

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]