Sportswear giant Nike, Inc. (NYSE: NKE) on Tuesday reported a modest increase in earnings for the second quarter of 2023, when its revenues grew in double digits. The latest numbers also came in above Wall Street’s expectations.
Second-quarter net income was $1.33 billion or $0.85 per share, compared to $1.33 billion or $0.83 per share in the corresponding period of fiscal 2022. The bottom line was negatively impacted by an increase in operating expenses.
November-quarter revenues grew 17% from last year to $13.3 billion. The top line also came in above the consensus forecast.
Check this space to read management/analysts’ comments on Nike’s Q2 2023 earnings
“Consumer demand for NIKE’s portfolio of brands continues to drive strong business momentum in a dynamic environment. We remain focused on what we can control, and we are on track to deliver on our operational and financial goals — setting the foundation for sustainable, profitable growth,” said Matthew Friend, chief financial officer of Nike.