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Sunday, July 14, 2024

Nike Records $46.7B In Full-Year Revenue

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Nike reported $12.2 billion in fourth-quarter revenue on Monday and $46.7 billion in full-year revenue, a 6% year-over-year increase.

The Swoosh beat analysts’ quarterly estimates of $12.06 billion but fell 1% from the same period last year. Nike reported net income of $1.4 billion.

Nike Direct revenue increased 7% to $4.8 billion during the quarter, Nike Brand digital saw its revenue jump 15%, and Nike-owned stores fell 2%. Converse, a subsidiary of Nike, reported $593 million in revenue, down 1% year-over-year.

Revenue for the Nike Brand reached $44.4 billion for the fiscal year.

  • Nike Direct’s revenue jumped 14% to $18.7 billion, with revenue for Nike Brand digital growing 18% and Nike-owned stores increasing 10%.
  • Converse’s full-year revenue was $2.3 billion, a 6% year-over-year increase.

Nike ended the quarter with inventories of $8.4 billion, a 23% year-over-year increase, and returned roughly $1.5 billion to shareholders during the three months ending May 31. For the full year, Nike returned around $5.8 billion to shareholders.

Next for Nike

Nike’s already been busy in Q1. 

The company announced it is exiting the Russian market — which includes more than 100 Nike stores — three months after it suspended operations following Russia’s invasion of Ukraine. 

Nike also unveiled plans this month to team up with Apple for a series of sports films and authorized a new four-year, $18 billion program to repurchase shares of Nike’s Class B common stock.

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