Nike, Inc. (NYSE: NKE) has reported a decrease in earnings for the third quarter of 2024, when the sneaker giant’s revenues remained broadly unchanged.
Third-quarter net income was $1.17 billion or $0.77 per share, compared to $1.24 billion or $0.79 per share in the corresponding period of fiscal 2023. The bottom line was negatively impacted by flat sales.
February-quarter revenues remained unchanged year-over-year at $12.43 billion. NIKE Direct revenues were $5.4 billion, slightly higher on a reported and currency-neutral basis.
“Our teams are focused on what matters most to return to strong growth. We are taking action to build a faster, more efficient NIKE and maximize the impact of our new innovation cycle,” said Matthew Friend, Nike’s chief financial officer.