Nike released its financial results for its third 2023/2024 quarter ended February 29, 2024 yesterday after trading. Third-quarter revenues rose slightly to $12.4 billion (+0.3%) versus $12.28 billion expected.
' The company was able to stimulate demand thanks to discounts on its products during the festive season' says Invest Securities.
Gross margin increased by 150 basis points to 44.8%, taking into account a loss of 50 basis points due to restructuring charges.
Diluted earnings per share amounted to $0.77, including $0.21 of restructuring charges. Excluding these charges, diluted earnings per share would have been $0.98 (vs. $0.75 expected).
The consensus is for 2024 sales of $51.75 bn (+1.0%) and adjusted EPS of $3.60 (+11.5%)', says Invest Securities.
' We are encouraged by the progress we have seen as we build a multi-year cycle of new innovations ' said John Donahoe, Nike President and CEO.
Matthew Friend, Nike Executive Vice President and CFO said, ' Our teams are focused on what matters most to return to strong growth. We are taking steps to build a faster, more efficient Nike and maximize the impact of our new innovation cycle. '
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Nike, Inc. specializes in the design, manufacturing and marketing of sports shoes, clothing, and equipment. The group's products are sold primarily under the names Nike, Jordan, Converse Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell. Net sales break down by family of products as follows:
- footwear (68.9%);
- clothing (27.2%);
- sports equipment (3.4%): golf equipment (golf clubs, balls, gloves, etc.), bags, balls, etc.;
- other (0.5%).
At the end of May 2023, products were being marketed through a network of 1,032 stores worldwide, through independent distributors, and via the Internet.
Net sales are distributed geographically as follows: North America (44.3%), Europe/Middle East/Africa (27.5%), China (14.9%), Asia/Pacific and Latin America (13.2%) and other (0.1%).
NIKE, INC. 
