Sportswear giant Nike, Inc. (NYSE: NKE) on Tuesday reported a decrease in earnings for the third quarter of 2023, when its revenues increased by 14%.
Third-quarter net income was $1.24 billion or $0.79 per share, compared to $1.40 billion or $0.87 per share in the corresponding period of fiscal 2022. The bottom line was negatively impacted by an increase in operating expenses.
February-quarter revenues grew 14% from last year to $12.40 billion. NIKE Direct sales were $5.3 billion, up 17% from the prior-year quarter
Check this space to read management/analysts’ comments on Nike’s Q3 2023 earnings
“NIKE’s brand distinction and strong execution continue to create separation in the marketplace. We have made tremendous progress on inventory as we position NIKE for sustainable and more profitable growth,” said Matthew Friend, Nike’s chief financial officer.