Nike shares jumped in after-hours trading on Tuesday after the athletic apparel company posted third quarter fiscal 2023 results that beat expectations on the top and bottom lines.
For the quarter ended February 28, 2023, the company achieved revenue of $12.4 billion, up 14% from $10.9 billion in the year-ago quarter and about $1 billion higher than the Street’s expectation of $11.48 billion.
Diluted earnings per share came in at $0.79, down from $0.87 in the same quarter in fiscal 2022, but ahead of the consensus analyst expectation of $0.55.
During the quarter, Nike said it returned approximately $2 billion to shareholders, including dividends of $528 million and share repurchases totalling $1.5 billion.
“Nike’s strong results in the third quarter offer continued proof of the success of our Consumer Direct Acceleration strategy,” Nike CEO John Donahoe said in a statement.
“Fueled by compelling product innovation, deep relationships with consumers and a digital advantage that fuels brand momentum, our proven playbook allows us to navigate volatility as we create value and drive long-term growth.”
After rising about 3.6% on Tuesday in the leadup to its results, Nike shares continued to climb after the bell, adding another 3.2% at US$129.57.
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