Sneaker giant Nike, Inc. (NYSE: NKE) will be reporting first-quarter earnings today after the closing bell. The company’s stock traded slightly lower ahead of the announcement.
Listen to Nike’s Q1 2024 earnings call live and read the real-time transcript
The report is expected at 4:15 PM ET. As per analysts’ consensus forecast, the company generated a net income of $0.70 per share in the first three months of FY24, which is lower than the $0.93/share profit it earned in the same period of last year. The revenue forecast is $12.28 billion, down 3.2%.
In the fourth quarter, earnings missed estimates for the first time in nearly three years while revenues topped expectations. Strong footwear sales pushed up revenues to $12.83 billion in Q4. Sales grew in all regions, underscoring the popularity of the Nike brand across geographies. Meanwhile, net income and earnings per share declined around 28% to $1.03 billion and $0.66 per share respectively.
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