Nike shares slipped in after-hours trading as the company reported fourth quarter and full-year fiscal 2023 financial results that were somewhat in line with the Street’s expectations.
For the fourth quarter, the sports footwear and apparel company posted earnings per share of $0.66, just below expectations of $0.67 and down 27% year-over-year.
On the flip side, its 4Q revenue of $12.8 billion was slightly higher than the expected $12.57 billion and represented a 5% increase over the year-ago quarter.
For the full year, Nike reported earnings per share of $3.23, down 14% from the previous year but in line with the consensus analyst expectation of earnings per share of $3.24.
Revenue was $51.2 billion, a 10% increase year-over-year and ahead of the expected $50.96 billion.
The company also reported inventories as of May 31, 2023, of $8.5 billion, flat over the prior year period.
Nike shares were trading down 1.3% at US$111.85 shortly following the release of its results.
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