Summary by Futu AI
On March 21, 2024, Nike, Inc. released its financial results for the fiscal quarter ending February 29, 2024. The company reported a slight increase in revenues to $12.4 billion, with Nike Direct revenues also slightly up at $5.4 billion. However, Nike Brand Digital sales saw a decrease of 3 percent on a reported basis. Wholesale revenues increased by 3 percent to $6.6 billion. Gross margin improved by 150 basis points to 44.8 percent, despite restructuring charges that negatively impacted it by 50 basis points. Selling and administrative expenses rose by 7 percent to $4.2 billion, which included restructuring charges of $340 million. Diluted earnings per share were reported at $0.77, but excluding restructuring charges, it would have been $0.98. Nike's President & CEO, John Donahoe, expressed confidence in the company's adjustments for growth, while CFO Matthew...Show More