Nike Q4 Earnings Highlights: Revenue Beat, EPS Miss, China Sales, Inventory Update And More

Apparel and footwear company Nike Inc NKE reported fourth quarter financial results after market close. Here are the key highlights.

What Happened: Nike reported fourth quarter revenue of $12.82 billion, which was up 10% year-over-year. The revenue beat a Street consensus estimate of $12.59 billion, according to data from Benzinga Pro.

Fourth quarter earnings per share were 66 cents, which missed a Street consensus estimate of 67 cents.

Nike Direct revenue in the fourth quarter was $5.5 billion, up 15% year-over-year.

The company reported wholesale revenue of $6.7 billion, down 2% year-over-year.

Sales in China were $1.8 billion in the fourth quarter, up 16% year-over-year. Full fiscal year China sales were $7.2 billion, down 4% year-over-year.

“Nike’s strong results make clear that our strategy is working,” Nike CEO John Donahoe said. “FY23 was a milestone year for NIKE as our unique advantages continue to drive competitive separation. Our investment in innovation and our digital leadership are fueling broad-based growth across our portfolio of brands, as we create value by serving the future of sport.

Full year revenue was $51.2 billion for Nike, up 10% year-over-year.

Inventory for Nike at the end of the fourth quarter was $8.5 billion, in line with the prior year period.

The company ended the fiscal year with $10.7 billion in cash.

Related Link: Trading Strategies For Nike Stock After Q4 Earnings

What’s Next: Nike Chief Financial Officer Matthew Friend highlighted the strong portfolio and full year growth.

“We finished the year with mid-teens currency-neutral revenue growth and a healthy marketplace – setting the foundation for sustainable, profitable growth in FY24 and beyond,” Friend said.

NKE Price Action: Nike shares are down 0.27% to $113.08 in after-hours trading Thursday.

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