When Nike Inc. (NYSE: NKE) reported its fiscal fourth-quarter financial results after the markets closed on Thursday, the apparel giant posted $0.60 in earnings per share (EPS) and $8.68 billion in revenue. That compares to consensus estimates from Thomson Reuters that called for $0.50 in EPS and revenue of $8.63 billion. In the same period of last year, Nike posted EPS of $0.49 and $8.24 billion in revenue.
In terms of the revenue breakdown, the Nike Brand revenue was up 7% at $8.1 billion and the Converse Brand revenues were up 10% at $554 million. The business segments within the Nike brand reported:
- Footwear revenues totaled $5.47 billion, up 8% from last year.
- Apparel revenues were $2.30 billion, an increase of 3%.
- Equipment revenues were $335 million, a decrease of 14%.
During the fourth quarter, Nike repurchased a total of 14.9 million shares for roughly $820 million as part of the four-year, $12 billion program approved by the board of directors in November 2015. At the end of this quarter, a total $4.4 billion had been repurchased under this program.
On the books, Nike’s cash, cash equivalents and short-term investments totaled $6.2 billion at the end of the quarter, up from $5.4 billion at the end of the same period last year.
Chairman, President and CEO Mark Parker commented:
NIKE continues to create both near-term wins in today’s dynamic environment and a lasting foundation for future growth. Through our Consumer Direct Offense, we’re putting even more firepower behind our greatest opportunities in Fiscal 2018. It will be a big year for NIKE innovation and we’ll bring those stories to life through deeper consumer connections in our key cities around the world.
Shares of Nike closed Thursday at $53.17, with a consensus analyst price target of $60.59 and a 52-week range of $49.01 to $60.33. Following the release, the stock was up 6.6% at $56.70 in early trading indications Friday.
It’s Your Money, Your Future—Own It (sponsor)
Retirement can be daunting, but it doesn’t need to be.
Imagine having an expert in your corner to help you with your financial goals. Someone to help you determine if you’re ahead, behind, or right on track. With SmartAsset, that’s not just a dream—it’s reality. This free tool connects you with pre-screened financial advisors who work in your best interests. It’s quick, it’s easy, so take the leap today and start planning smarter!
Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.