Benzinga - by Chris Katje, Benzinga Staff Writer.
Apparel and footwear company Nike Inc (NYSE:NKE) reported third-quarter financial results after market close Thursday.
Here are the key highlights.
What Happened: Nike reported third-quarter revenue of $12.429 billion, which was up slightly year-over-year. The revenue total beat a Street consensus estimate of $12.281 billion according to data from Benzinga Pro.
Nike reported adjusted earnings per share of 98 cents, which beat a Street consensus estimate of 74 cents per share.
The company reported that Nike Direct revenue was $5.4 billion, up slightly year-over-year.
Nike Brand Digital sales were down 3% year-over-year in the quarter.
Wholesale revenue of $6.6 billion was up 3% year-over-year.
The Nike brand had sales of $11.9 billion, which was up 2% year-over-year. Converse brand revenue was $495 million in the quarter and down 19% year-over-year.
"We are making the necessary adjustments to drive Nike's next chapter of growth," Nike CEO John Donahoe said.
The company ended the quarter with cash and cash equivalents of $10.6 billion.
Related Link: Nike Q3 Earnings Preview: Why Analysts Are ‘Incrementally Cautious Short-Term’
What's Next: Executives highlighted the future of the company during the earnings report.
"We're encouraged by the progress we've seen, as we build a multiyear cycle of new innovation, sharpen our brand storytelling and work with our wholesale partners to elevate and grow the marketplace," Donahoe said.
Nike Chief Financial Officer Matthew Friend said the company is focused on returning to "strong growth."
"We are taking action to build a faster, more efficient Nike and maximize the impact of our new innovation cycle," Friend said.
NKE Price Action: Nike shares are up 2% to $103.30 in after-hours trading Thursday at versus a 52-week trading range of $88.66 to $128.68.
Read Next: Tiger Woods, Nike Breakup: How The Stock Performed Over Their 30-Year Affiliation
Photo: Shuttersock.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.