Nike Inc (NYSE:NKE) reported financial results for the first quarter after the market close on Thursday. Here’s a look at the key details from the print.
Why is NKE stock advancing? 33 billion, according to Benzinga Pro.
The company posted adjusted earnings of 48 cents per share for the quarter, beating estimates of 44 cents per share. Total revenue was down 4% on a year-over-year basis.
Nike Brand revenues totaled $11 billion, also down 4% year-over-year. 8 billion in the quarter.
Here’s a breakdown of sales by region. 8 billion at the end of the first quarter, down 3% compared to the prior year.
4 billion in cash, cash equivalents and short-term investments. “The Sport Offense is driving measurable progress across our performance business, and we introduced Pace to help us accelerate and scale that momentum across Nike,” said Elliott Hill, president and CEO of Nike.
” Nike introduced its Pace initiative, an operating model transformation aimed at accelerating and scaling the success of the Sport Offense. The plan includes modernizing Nike’s global supply chain, opening a new campus in India to expand its enterprise capabilities, realigning into three geographic regions and further streamlining the organization to cut costs.
Nike said revenues are expected to decline in the high-single digits in fiscal 2027. 69 per share.
Earnings guidance excludes approximately 15 cents of restructuring expenses related to Pace. m.
ET. 64 at the time of publication, according to Benzinga Pro.
The stock last traded at these levels in 2013.
