Nike Q3 Earnings Highlights: Revenue Beat, EPS Beat And More
Portfolio Pulse from Chris Katje
Nike Inc (NYSE:NKE) reported Q3 earnings with a revenue of $12.429 billion, surpassing the consensus estimate of $12.281 billion. Adjusted EPS was 98 cents, beating the estimate of 74 cents. Nike Direct revenue was $5.4 billion, while Nike Brand Digital sales dropped by 3%. Wholesale revenue increased by 3% to $6.6 billion. Converse brand revenue fell by 19% to $495 million. The company ended the quarter with $10.6 billion in cash and equivalents. CEO John Donahoe emphasized adjustments for growth and innovation.
March 21, 2024 | 8:28 pm
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Nike Inc reported strong Q3 earnings, surpassing revenue and EPS estimates with notable growth in direct and wholesale revenues, despite a dip in digital sales and a significant drop in Converse brand revenue.
The positive earnings report, with revenue and EPS exceeding expectations, indicates strong company performance and operational efficiency. The growth in direct and wholesale revenues, despite a slight dip in digital sales, showcases Nike's robust market presence and adaptability. The significant drop in Converse brand revenue is a concern but is offset by the overall positive performance. The company's focus on innovation and growth, as emphasized by the CEO and CFO, further supports a positive outlook.
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IMPORTANCE 90
RELEVANCE 100