Nike released Tuesday its third quarter financial results fiscal 2023. They revealed that net income was declining while revenue was increasing.
The company’s 3rd quarter revenues increased approximately 14% to $12.39 billion. Last year, the company made $10.87 Billion.
Matthew Friend, Nike’s CFO, said in prepared remarks that the company had “drove solid holidays with momentum continuing into the next calendar year” North America. Revenue grew 27% in the quarter.
Europe and Asia Pacific saw growth. However, revenue fell by one digit in Greater China.
Nike’s third quarter net profit increased from $1.40billion fiscal 2022 to $1.24billion fiscal 2022. Its diluted earnings per share of common stock was $0.79. This is a 9% decrease year-over-year.
According To The Associated Press revenue and diluted EPS came in higher than expected.
Nike reported a gross margin at 43.3%. ”
The stock of athletic footwear and apparel increased by two-digits from Q3 2013, which was $7.7billion. It now stands at $8.9billion. ”
John Donahoe, CEO, stated that “Fueled by compelling product innovation, deep relationships with consumers, and an digital edge that fuels brands momentum.” Our proven strategy allows us to manage volatility while creating value and long-term economic growth. ”
The company highlighted the increase in sales of Nike Brand Digital and Nike Direct in its earnings release.