Nike Q4 Reports $12.8 Billion USD Sales That Surpassed Expectations

Nike‘s latest fiscal 2023 Q4 results have indicated that the Swoosh has surpassed expectation in sales, hitting $12.8 billion USD, however, the Oregon-based company misses the mark on its earnings.

Based on the report, Q4 brought in 5% more in revenues in comparison to last year as well as ahead of analysts expectations of only making $12.59 billion USD in sales. Earnings fell 28% to $1 billion USD with diluted EPS of 66 cents, which is down 27% from last year. In total for the whole fiscal year, the revenues was up 10% at $51.2 billion USD. The net income for the year was down 16% at $5.1 billion USD.

Analysts’ key concern surrounded inventories which fell flat year-over-year. This news comes after Macy’s and DSW announced a new wholesale partnership with Nike. Nike’s gross margin also saw a decline due to the rising logistics and freight costs and markdowns and foreign currency exchange. In a statement, Nike’s CEO and president John Donahoe said, “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.” All in all, in Q4 of the 2023 fiscal year, the brand itself grew 5% and Nike Direct revenues increased by 15% to $5.5 billion USD. Wholesale revenues on the other hand fell 2% to $6.7 billion USD. Chief Financial Officer and Executive VP Matthew Friend said, “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.”

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