Nike, Inc. reported its financial results for the first quarter of fiscal 2025, ending August 31, 2024. The company experienced a 10% decline in revenues to $11.6 billion compared to the previous year, with a 9% decrease on a currency-neutral basis. Nike Direct revenues fell by 13%, and wholesale revenues decreased by 8%. Despite the revenue downturn, gross margin improved by 120 basis points to 45.4%. Diluted earnings per share dropped by 26% to $0.70. The quarter also marked a transition in leadership, with Elliott Hill set to become President and CEO starting October 14, 2024. Nike's Investor Day has been postponed, and future guidance will be discussed in the upcoming conference call. The company's balance sheet showed a 5% reduction in inventories and a $1.5 billion increase in cash and equivalents and short-term investments. Nike continued its shareholder returns, declaring dividends of $558 million and repurchasing $1.2 billion in shares. The full financial details were disclosed in a press release dated October 1, 2024, and will be further elaborated in a conference call.

Nike, Inc. reported its financial results for the first quarter of fiscal 2025, ending August 31, 2024. The company experienced a 10% decline in revenues to $11.6 billion compared to the previous year, with a 9% decrease on a currency-neutral basis. Nike Direct revenues fell by 13%, and wholesale revenues decreased by 8%. Despite the revenue downturn, gross margin improved by 120 basis points to 45.4%. Diluted earnings per share dropped by 26% to $0.70. The quarter also marked a transition in leadership, with Elliott Hill set to become President and CEO starting October 14, 2024. Nike's Investor Day has been postponed, and future guidance will be discussed in the upcoming conference call. The company's balance sheet showed a 5% reduction in inventories and a $1.5 billion increase in cash and equivalents and short-term investments. Nike continued its shareholder returns, declaring dividends of $558 million and repurchasing $1.2 billion in shares. The full financial details were disclosed in a press release dated October 1, 2024, and will be further elaborated in a conference call.