Nike, Inc. (NYSE: NKE) has reported a decrease in net profit for the first quarter of 2023, despite a modest increase in revenues. The company’s stock suffered a big loss following the announcement this week.
First-quarter net income dropped to $1.47 billion or $0.93 per share from $1.87 billion or $1.16 per share in the corresponding period of last year. The bottom line was negatively impacted by higher costs.
Meanwhile, revenues moved up 5% year-over-year to $12.69 billion. Weakness in the apparel segment was more than offset by higher sales in the core footwear division.
“NIKE’s first quarter results set the foundation for another year of strong growth. Our focus continues to be the consumer, as we take action to navigate near-term dynamics while expanding long-term structural benefits through our Consumer Direct Acceleration strategy,” said Matthew Friend, the chief financial officer of Nike.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Thursday reported stronger-than-expected earnings for the fourth quarter. The tech firm also provided guidance for fiscal 2024. Earnings, excluding non-recurring items, came in
As Costco Wholesale Corporation (NASDAQ: COST) prepares to publish its first-quarter earnings, the warehouse behemoth’s stock climbed to an all-time high this week. When it reports the results next week,
Shares of Dollar General Corporation (NYSE: DG) turned red on Thursday despite the company delivering better-than-expected results for the third quarter of 2023. The stock has dropped 46% year-to-date. Although