Nike, Inc. (NYSE: NKE) on Thursday reported a decrease in earnings for the fourth quarter of 2023, when the sneaker giant’s revenues increased modestly.
Fourth-quarter net income was $1.03 billion or $0.66 per share, compared to $1.44 billion or $0.90 per share in the corresponding period of fiscal 2022. The bottom line was negatively impacted by an increase in operating expenses.
Meanwhile, May-quarter revenues moved up 5% from last year to $12.83 billion. NIKE Direct sales were up 15% from the prior-year quarter.
“FY23 demonstrated the power of NIKE’s portfolio to fuel strong growth, year after year. We finished the year with mid-teens currency-neutral revenue growth and a healthy marketplace — setting the foundation for sustainable, profitable growth in FY24 and beyond,” said Matthew Friend, Nike’s chief financial officer.