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Nike | 10-Q: Quarterly report

SEC announcement ·  Apr 4 16:21
Summary by Moomoo AI
Nike, Inc. reported a slight increase in revenues for the third quarter of fiscal 2024, reaching $12.43 billion compared to $12.39 billion in the same quarter of the previous year. The company's gross margin improved by 150 basis points to 44.8%, primarily driven by strategic pricing actions and reduced ocean freight rates and logistics costs. Net income, however, saw a decline of 5% year-on-year, standing at $1.172 billion. Diluted earnings per share also decreased by 3% to $0.77. Nike Direct revenues experienced a modest increase to $5.4 billion, representing about 45% of total Nike Brand revenues. The company's inventory levels decreased by 9% compared to May 31, 2023, due to a reduction in units. Nike returned approximately $1.4 billion to shareholders through share repurchases and dividends during the quarter. In terms...Show More
Nike, Inc. reported a slight increase in revenues for the third quarter of fiscal 2024, reaching $12.43 billion compared to $12.39 billion in the same quarter of the previous year. The company's gross margin improved by 150 basis points to 44.8%, primarily driven by strategic pricing actions and reduced ocean freight rates and logistics costs. Net income, however, saw a decline of 5% year-on-year, standing at $1.172 billion. Diluted earnings per share also decreased by 3% to $0.77. Nike Direct revenues experienced a modest increase to $5.4 billion, representing about 45% of total Nike Brand revenues. The company's inventory levels decreased by 9% compared to May 31, 2023, due to a reduction in units. Nike returned approximately $1.4 billion to shareholders through share repurchases and dividends during the quarter. In terms of business development, Nike continues to focus on its Consumer Direct Acceleration strategy, which has led to revenue growth and millions of new consumer connections. The company is investing in its Nike Direct operations and enhancing its brand experience within wholesale partnerships. Looking ahead, Nike announced a restructuring initiative aimed at accelerating future growth, which includes streamlining the organization and a net reduction in the global workforce. The company expects to recognize pre-tax restructuring charges of approximately $450 million, primarily related to employee severance costs. Cash flow from operations was robust, with an inflow of $4.81 billion for the first nine months of fiscal 2024. Nike's liquidity remains strong, with $10.6 billion in cash equivalents and short-term investments.

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