Apparel and footwear company Nike Inc NKE reported third-quarter financial results after market close Thursday. Here are the highlights for investors.
What Happened: Nike reported third-quarter revenue of $10.9 billion, up 5% year-over-year and ahead of a consensus target of $10.6 billion, according to Benzinga Pro.
Nike reported earnings per share of 87 cents per share, beating the consensus estimate of 71 cents per share.
In the third quarter, direct sales were $4.6 billion, up 15% year-over-year. Nike brand digital sales were up 19% year-over-year, including a 22% year-over-year increase in the North American region, although there were declines in the China region.
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“Nike’s strong results this quarter show that our Consumer Direct Acceleration strategy is working, as we invest to achieve our growth opportunities,” Nike CEO John Donahoe said.
What’s Next: Nike continues to invest in direct sales and digital sales growth going forward. The company said it's continuing to invest in digital marketing.
“We have the right playbook to navigate volatility and create value through our relentless drive to serve the future of sport,” Donahoe said.
NKE Price Action: Nike shares are up 5% to $136.13 in after-hours trading. Shares have traded between $116.75 and $179.10 over the last 52 weeks.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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