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| NIKE, Inc. Reports Fiscal 2024 Third Quarter Results |
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| 4:15p ET March 21 '24 BusinessWire |
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NIKE, Inc. (NYSE:NKE) today reported fiscal 2024 financial results for its third quarter ended February 29, 2024.
Third quarter revenues were slightly up on both a reported and currency-neutral basis* at $12.4 billion
NIKE Direct revenues were $5.4 billion, slightly up on a reported and currency-neutral basis
NIKE Brand Digital sales decreased 3 percent on a reported basis and 4 percent on a currency-neutral basis
Wholesale revenues were $6.6 billion, up 3 percent on a reported and currency-neutral basis
Gross margin increased 150 basis points to 44.8 percent, including a detriment of 50 basis points due to restructuring charges
Selling and administrative expense increased 7 percent to $4.2 billion, including $340 million of restructuring charges
Diluted earnings per share was $0.77, including $0.21 of restructuring charges. Excluding these charges, Diluted earnings per share would have been $0.98*
"We are making the necessary adjustments to drive NIKE's next chapter of growth," said John Donahoe, President & CEO, NIKE, Inc. "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."**
Matthew Friend, Executive Vice President & Chief Financial Officer, NIKE, Inc. said, "Our teams are focused on what matters most to return to strong growth. We are taking action to build a faster, more efficient NIKE and maximize the impact of our new innovation cycle."**
Third Quarter Income Statement Review
Revenues for NIKE, Inc. were slightly up on both a reported and currency-neutral basis at $12.4 billion.
Revenues for the NIKE Brand were $11.9 billion, up 2 percent on a reported and currency-neutral basis, as currency-neutral growth in North America, Greater China and APLA was offset by declines in EMEA.
Revenues for Converse were $495 million, down 19 percent on a reported basis and down 20 percent on a currency-neutral basis, primarily due to declines in North America and Europe.
Gross margin increased 150 basis points to 44.8 percent, primarily driven by strategic pricing actions and lower ocean freight and logistics costs, partially offset by higher product input costs and restructuring charges.
Selling and administrative expense increased 7 percent to $4.2 billion.
Demand creation expense was $1.0 billion, up 10 percent, reflecting an increase in marketing expense.
Operating overhead expense increased 6 percent to $3.2 billion, primarily due to restructuring charges, partially offset by lower wage-related expenses.
The effective tax rate was 16.5 percent compared to 16.0 percent for the same period last year.
Net income was $1.2 billion, down 5 percent, and Diluted earnings per share was $0.77, decreasing 3 percent.
February 29, 2024 Balance Sheet Review
Inventories for NIKE, Inc. were $7.7 billion, down 13 percent compared to the prior year, reflecting a decrease in units.
Cash and equivalents and short-term investments were $10.6 billion, down approximately $0.2 billion from last year, as cash generated by operations was more than offset by share repurchases, cash dividends, capital expenditures and bond repayment.
Shareholder Returns
NIKE continues to have a strong track record of investing to fuel growth and consistently increasing returns to shareholders, including 22 consecutive years of increasing dividend payouts. In the third quarter, NIKE returned approximately $1.4 billion to shareholders, including:
Dividends of $562 million, up 6 percent from the prior year.
Share repurchases of $866 million, reflecting 7.9 million shares retired as part of the Company's four-year, $18 billion program approved by the Board of Directors in June 2022. As of February 29, 2024, a total of 73.8 million shares have been repurchased under the program for a total of approximately $8.0 billion.
Conference Call
NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on March 21, 2024, to review fiscal third quarter results. The conference call will be broadcast live via the Internet and can be accessed at https://investors.nike.com. For those unable to listen to the live broadcast, an archived version will be available at the same location through approximately 9:00 p.m. PT, April 11, 2024.
About NIKE, Inc.
NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.'s earnings releases and other financial information are available on the Internet at https://investors.nike.com. Individuals can also visit https://about.nike.com/en/newsroom and follow @NIKE.
| * Non-GAAP financial measures. See additional information in the accompanying Divisional Revenues table and Diluted earnings per share table. Non-GAAP financial measures. See additional information in the accompanying Divisional Revenues table and Diluted earnings per share table.
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| NIKE, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
THREE MONTHS ENDED % NINE MONTHS ENDED %
(In millions, except per share data) 2/29/2024 2/28/2023 Change 2/29/2024 2/28/2023 Change
------------------------------------------- ----------------------------------------------- ----------------------------------------------- ---------------------------------- ----------------------------------------------- ----------------------------------------------- ----------------------------------
Revenues $ 12,429 $ 12,390 0 % $ 38,756 $ 38,392 1 %
Cost of sales 6,867 7,019 -2 % 21,503 21,695 -1 %
------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------- --------------------
Gross profit 5,562 5,371 4 % 17,253 16,697 3 %
44.8 % 43.3 % 44.5 % 43.5 %
Gross margin
Demand creation expense 1,011 923 10 % 3,194 2,968 8 %
Operating overhead expense 3,215 3,036 6 % 9,294 9,035 3 %
------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------- --------------------
Total selling and administrative expense 4,226 3,959 7 % 12,488 12,003 4 %
34.0 % 32.0 % 32.2 % 31.3 %
% of revenues
Interest expense (income), net (52 ) (7 ) -- (108 ) 22 --
Other (income) expense, net (16 ) (58 ) -- (101 ) (283 ) --
------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------- --------------------
Income before income taxes 1,404 1,477 -5 % 4,974 4,955 0 %
Income tax expense 232 237 -2 % 774 916 -16 %
------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------- --------------------
16.5 % 16.0 % 15.6 % 18.5 %
Effective tax rate
------------------------------------------- ----------------------------------------------- ----------------------------------------------- ---------------------------------- ----------------------------------------------- ----------------------------------------------- ----------------------------------
NET INCOME $ 1,172 $ 1,240 -5 % $ 4,200 $ 4,039 4 %
------------------------------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------- --------------------
Earnings per common share:
$ 0.77 $ 0.80 -4 % $ 2.76 $ 2.59 7 %
Basic
$ 0.77 $ 0.79 -3 % $ 2.74 $ 2.57 7 %
Diluted
Weighted average common shares outstanding:
1,513.2 1,543.8 1,520.8 1,556.7
Basic
1,526.5 1,564.8 1,534.0 1,574.4
Diluted
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| NIKE, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
February 29, February 28, % Change
(Dollars in millions) 2024 2023
--------------------------------------------------------------- ---------------------------------- ----------------------------------
ASSETS
Current assets:
$ 8,960 $ 6,955 29 %
Cash and equivalents
1,613 3,847 -58 %
Short-term investments
4,526 4,513 0 %
Accounts receivable, net
7,726 8,905 -13 %
Inventories
1,928 1,815 6 %
Prepaid expenses and other current assets
--------------------------------------------------------------- -------------------- -------------- -------------------- -------------- -------------- --------------------
Total current assets 24,753 26,035 -5 %
5,082 4,939 3 %
Property, plant and equipment, net
2,856 2,834 1 %
Operating lease right-of-use assets, net
259 277 -6 %
Identifiable intangible assets, net
240 281 -15 %
Goodwill
4,166 3,928 6 %
Deferred income taxes and other assets
--------------------------------------------------------------- -------------------- -------------- -------------------- -------------- -------------- --------------------
TOTAL ASSETS $ 37,356 $ 38,294 -2 %
--------------------------------------------------------------- -------------------- -------------- -------------------- -------------- -------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
$ -- $ 500 -100 %
Current portion of long-term debt
6 14 -57 %
Notes payable
2,340 2,675 -13 %
Accounts payable
474 435 9 %
Current portion of operating lease liabilities
5,818 5,594 4 %
Accrued liabilities
391 330 18 %
Income taxes payable
--------------------------------------------------------------- -------------------- -------------- -------------------- -------------- -------------- --------------------
Total current liabilities 9,029 9,548 -5 %
8,930 8,925 0 %
Long-term debt
2,691 2,692 0 %
Operating lease liabilities
2,480 2,598 -5 %
Deferred income taxes and other liabilities
-- -- --
Redeemable preferred stock
14,226 14,531 -2 %
Shareholders' equity
--------------------------------------------------------------- -------------------- -------------- -------------------- -------------- -------------- --------------------
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| NIKE, Inc.
DIVISIONAL REVENUES
(Unaudited)
% Change Excluding Currency Changes(1) % Change Excluding Currency Changes(1)
THREE MONTHS ENDED % %
(Dollars in millions) 2/29/2024 2/28/2023 Change 2/28/2023 Change
---------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------- -------------------------------------------------------------------------------------------------------- ------------------------------------------------------------- ----------------------------------------------------------
North America
$ 3,460 $ 3,322 4 % 4 % $ 10,950 $ 11,090 -1 % -1 %
Footwear
1,408 1,419 -1 % -1 % 4,555 4,598 -1 % -1 %
Apparel
202 172 17 % 18 % 613 565 8 % 9 %
Equipment
---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------- ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
5,070 4,913 3 % 3 % 16,118 16,253 -1 % -1 %
Total
Europe, Middle East & Africa
1,960 2,011 -3 % -3 % 6,406 6,086 5 % 3 %
Footwear
994 1,094 -9 % -10 % 3,331 3,528 -6 % -8 %
Apparel
184 141 30 % 27 % 578 454 27 % 23 %
Equipment
---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------- ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
3,138 3,246 -3 % -4 % 10,315 10,068 2 % 0 %
Total
Greater China
1,547 1,496 3 % 5 % 4,195 4,099 2 % 6 %
Footwear
498 461 8 % 10 % 1,368 1,228 11 % 16 %
Apparel
39 37 5 % 9 % 119 111 7 % 11 %
Equipment
---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------- ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2,084 1,994 5 % 6 % 5,682 5,438 4 % 8 %
Total
Asia Pacific & Latin America
1,195 1,141 5 % 5 % 3,639 3,313 10 % 9 %
Footwear
390 407 -4 % -3 % 1,198 1,255 -5 % -4 %
Apparel
62 53 17 % 19 % 187 167 12 % 12 %
Equipment
---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------- ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1,647 1,601 3 % 4 % 5,024 4,735 6 % 6 %
Total
Global Brand Divisions(2) 9 12 -25 % -22 % 34 44 -23 % -24 %
---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------- ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL NIKE BRAND 11,948 11,766 2 % 2 % 37,173 36,538 2 % 2 %
---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------- ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Converse 495 612 -19 % -20 % 1,602 1,841 -13 % -14 %
Corporate(3) (14 ) 12 -- -- (19 ) 13 -- --
---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------- ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL NIKE, INC. REVENUES $ 12,429 $ 12,390 0 % 0 % $ 38,756 $ 38,392 1 % 1 %
---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------- ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL NIKE BRAND
$ 8,162 $ 7,970 2 % 3 % $ 25,190 $ 24,588 2 % 2 %
Footwear
3,290 3,381 -3 % -3 % 10,452 10,609 -1 % -2 %
Apparel
487 403 21 % 20 % 1,497 1,297 15 % 14 %
Equipment
9 12 -25 % -22 % 34 44 -23 % -24 %
Global Brand Divisions(2)
---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------- ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL NIKE BRAND REVENUES $ 11,948 $ 11,766 2 % 2 % $ 37,173 $ 36,538 2 % 2 %
---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------- ---------------------------------------------------- ---------------------------------------------------- ------ ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1) The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.
(2)Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
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| NIKE, Inc.
EARNINGS BEFORE INTEREST AND TAXES(1)
(Unaudited)
THREE MONTHS ENDED % NINE MONTHS ENDED %
(Dollars in millions) 2/29/2024 2/28/2023 Change 2/29/2024 2/28/2023 Change
---------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
North America $ 1,400 $ 1,190 18 % $ 4,360 $ 4,064 7 %
Europe, Middle East & Africa 734 785 -6 % 2,591 2,750 -6 %
Greater China 722 702 3 % 1,761 1,754 0 %
Asia Pacific & Latin America 471 485 -3 % 1,406 1,470 -4 %
Global Brand Divisions(2) (1,199 ) (1,160 ) -3 % (3,572 ) (3,573 ) 0 %
---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL NIKE BRAND(1) 2,128 2,002 6 % 6,546 6,465 1 %
---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Converse 98 164 -40 % 380 526 -28 %
Corporate(3) (874 ) (696 ) -26 % (2,060 ) (2,014 ) -2 %
---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES(1) 1,352 1,470 -8 % 4,866 4,977 -2 %
---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
10.9 % 11.9 % 12.6 % 13.0 %
EBIT margin(1)
---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Interest expense (income), net (52 ) (7 ) -- (108 ) 22 --
---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $ 1,404 $ 1,477 -5 % $ 4,974 $ 4,955 0 %
---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------ ---------------------------------------------------------------- ---------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1)The Company evaluates the performance of individual operating segments based on earnings before interest and taxes (commonly referred to as "EBIT"), which represents Net income before Interest expense (income), net and Income tax expense. Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures. Management uses these non-GAAP financial measures when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes these non-GAAP financial measures provide investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. EBIT margin is calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.
(2)Global Brand Divisions primarily represent demand creation and operating overhead expense, including product creation and design expenses that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
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| NIKE, Inc.
DILUTED EARNINGS PER SHARE
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
2/29/2024 2/29/2024
------------------------------------------------------------------------- ---------------------------------------------------- ----------------------------------------------------
DILUTED EARNINGS PER SHARE (GAAP): $ 0.77 $ 2.74
0.26 0.26
Add: Restructuring charges
(0.05 ) (0.05 )
Tax effect of the restructuring charges(1)
------------------------------------------------------------------------- -------------------- ------------ -------------------- -------------------- ------------ --------------------
DILUTED EARNINGS PER SHARE EXCLUDING RESTRUCTURING CHARGES (NON-GAAP)(2): $ 0.98 $ 2.95
------------------------------------------------------------------------- -------------------- ------------ -------------------- -------------------- ------------ --------------------
(1)Tax effect was determined by applying the tax rate applicable to the specific item.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240321992075/en/
SOURCE: NIKE, Inc.
<img alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&sty=20240321992075r1&sid=cmtx6&distro=nx&lang=en" style="width:0;height:0" />
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Investor Contact:
Paul Trussell
investor.relations@nike.com
Media Contact:
Virginia Rustique-Petteni
media.relations@nike.com
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COMTEX_449612916/1006/2024-03-21T16:15:01 |
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0.45% $0.41
