Latest News

Earnings Results: Nike’s quarterly profit comes in above Wall Street expectations, $18 billion buyback approved

0

Nike Inc. late Monday reported quarterly earnings above Wall Street expectations and said its board approved a new, $18 billion share buyback program, sending the apparel maker’s shares higher in the after-hours session.

Nike
NKE,
-2.13%

said it earned $1.4 billion, or 90 cents a share, in the fiscal fourth quarter, compared with $1.5 billion, or 93 cents a share, in the year-ago period.

Revenue fell 1% to $12.2 billion, the company said.

FactSet consensus called for earnings of 81 cents a share on sales of $12.1 billion.

Nike’s board authorized a four-year, $18 billion buyback program, which will replace Nike’s current $15 billion share-repurchase program that ends in fiscal year 2023.

Nike’s sales and administrative expenses rose 8% to $4 billion in the quarter, the company said. Overhead expenses also rose 8% to $3 billion, mostly due to the company’s investments in its direct sales channel.

Nike shares have lost about 34% so far this year, compared with losses of around 18% for the S&P 500 index
SPX,
-0.30%
.

Dow Jones Dips; Donald Trump SPAC Dives On This Move; Apple Stock Whipsaws Amid Wall Street Call

Previous article

Crypto: FTX CEO Sam Bankman-Fried says ‘no active M&A conversations with Robinhood’

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News