Nike’s results for the fiscal 2023 third quarter came out Tuesday afternoon and showed revenue rising and net income dipping compared to the same period last year.
Net income for Nike’s third quarter went from $1.40 billion in fiscal 2022 to $1.24 billion, with its diluted earnings per common share at $0.79. The diluted EPS figure marked a 9% drop year over year.Revenue and diluted EPS each came in above what analysts had predicted, according to The Associated Press.Nike said its gross margin was 43.3%.
A customer is reflected in a shop window decorated with the Nike logo at the outlet village Belaya Dacha outside Moscow, Russia, April 23, 2016.company’s inventory rose double digits from the $7.7 billion reported in Q3 last year, posting $8.9 billion this year. Friend said in the earnings release that Nike has "made tremendous progress on inventory as we position Nike for sustainable and more profitable growth.
"Fueled by compelling product innovation, deep relationships with consumers and a digital advantage that fuels brand momentum, our proven playbook allows us to navigate volatility as we create value and drive long-term growth," CEO John Donahoe said.Ticker
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