Consumer affection for the Swoosh roared back to life in the fourth quarter as Nike reported that it swung to a profit that blasted past analyst expectations.
For the three months ended May 31, Nike posted net income of $1.5 billion, or 93 cents a diluted share, versus a loss of $790 million, or 51 cents, in the prior-year quarter.
Revenues in the quarter totaled $12.3 billion, nearly doubling from last year’s $6.31 billion.
For the fiscal year, the company said it earned $5.73 billion, or $3.56 a share, from $2.54 billion, or $1.60. Revenues improved 19.1% to $44.54 billion.
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By region, fourth-quarter sales in North America jumped 141.4% led by a 136.2% jump in footwear sales to $3.79 billion. In Greater China, footwear sales rose 14.5% to $1.32 billion.
The company said fourth-quarter wholesale revenue increased due to delayed shipments from the previous quarter.
“Nike’s strong results this quarter and full fiscal year demonstrate Nike’s unique competitive advantage and deep connection with consumers all over the world,” said President and CEO John Donahoe in an earnings release. “Fueled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike’s long-term growth.”
Wholesale Nike brand shipments for the year increased 16.7% to $35.77 billion, while Nike direct e-commerce sales rose 32.2% to $16.4 billion for the year.
“Nike’s brand momentum is a testament to our authentic consumer connections, digital strength and continued operational execution,” said Matt Friend, EVP and CFO in the statement. “As we advance our consumer-led digital transformation, we are building a new financial model that will continue to fuel long-term sustainable, profitable growth for Nike.”
Share of Nike were rising nearly 5% in after marketing trading Thursday to $140.13.