Nike, Inc. reported a slight increase in revenues for fiscal 2024, reaching $51.4 billion compared to $51.2 billion in fiscal 2023. The company's NIKE Direct revenues grew by 1% to $21.5 billion, representing approximately 44% of total NIKE Brand revenues. Gross margin improved by 110 basis points to 44.6%, attributed to strategic pricing actions and reduced ocean freight rates and logistics costs. Net income for the year rose to $5.7 billion, a 12% increase from the previous year's $5.07 billion, with diluted earnings per share up by 15% to $3.73. Nike's share repurchase program saw the company buy back 84.9 million shares at an average price of $106.65 per share, totaling approximately $9.1 billion. In terms of business development, Nike continues to focus on innovation, consumer connections, and digital experiences. The company is investing...Show More

Nike, Inc. reported a slight increase in revenues for fiscal 2024, reaching $51.4 billion compared to $51.2 billion in fiscal 2023. The company's NIKE Direct revenues grew by 1% to $21.5 billion, representing approximately 44% of total NIKE Brand revenues. Gross margin improved by 110 basis points to 44.6%, attributed to strategic pricing actions and reduced ocean freight rates and logistics costs. Net income for the year rose to $5.7 billion, a 12% increase from the previous year's $5.07 billion, with diluted earnings per share up by 15% to $3.73. Nike's share repurchase program saw the company buy back 84.9 million shares at an average price of $106.65 per share, totaling approximately $9.1 billion. In terms of business development, Nike continues to focus on innovation, consumer connections, and digital experiences. The company is investing in its NIKE Direct operations and enhancing its brand experience within wholesale partnerships. A net reduction in the global workforce was announced as part of an enterprise-wide initiative to streamline the organization and prioritize investments for future growth. Looking ahead, Nike plans to reinvest the majority of the annual wage savings from workforce reductions to support strategic initiatives. Investments in a global Enterprise Resource Planning Platform, data and analytics, and other technology areas aim to create a foundation to serve consumers with speed and scale. Despite a volatile operating environment, Nike is closely monitoring macroeconomic and geopolitical conditions, including the potential impacts of inflation and higher interest rates on consumer spending behavior.