Nike, Inc. (NYSE: NKE) has reported stronger-than-expected sales and net profit for the fourth quarter of 2022, despite inflationary pressures. However, both the top line and earnings decreased from last year.
Fourth-quarter revenues dropped 1% annually to $12.2 billion, partly due to the company’s exit from Russia in the wake of the Ukraine war. However, the number surpassed experts’ prediction.
The sneaker giant reported net income of $1.44 billion or $0.90 per share for the quarter, compared to $1.51 billion or $0.93 per share in the fourth quarter of 2021. Analysts were looking for a smaller number for the latest quarter.
Read management/analysts’ comments on Nike’s Q4 results
“Our competitive advantages, including our pipeline of innovative products and expanding digital leadership, prove that our strategy is working as we create value through our relentless drive to serve the future of sport,” said Nike’s CEO John Donahoe.