According to the company’s press release, the net income for the quarter ending on Aug. 31 was $1.05 billion, down from $1.45 billion in the same period of the prior fiscal year. Profit per share dropped to 70 cents from 94 cents.
The company experienced a decline in quarterly revenue from $12.94 billion to $11.59 billion compared to the previous year.
On average, experts surveyed by FactSet predicted that Nike would have a net income of 52 cents per share with revenue totaling $11.64 billion.
Matthew Friend, the Chief Financial Officer, announced that the company will no longer provide a long-term outlook and will only offer quarterly forecasts for the remainder of the fiscal year. There is an anticipated 8-10% decrease in revenue for the second quarter of the fiscal year.
Gross profit margin rose to 45.4% in the last quarter compared to 44.2% the previous year, driven by decreased manufacturing, warehousing, and logistics expenses, along with increased pricing.
source: bloomberg.com
