Nike, Inc. reported a decrease in revenues for the first quarter of fiscal 2025, with total revenues at $11.6 billion compared to $12.9 billion in the same period last year, marking a 10% decline. The company's earnings before interest and taxes (EBIT) also fell from $1.614 billion to $1.264 billion, a 22% decrease. Net income saw a significant drop of 28%, from $1.450 billion to $1.051 billion, and diluted earnings per share decreased by 26% from $0.94 to $0.70. Gross margin, however, improved by 120 basis points to 45.4%, attributed to lower product costs and strategic pricing actions. Inventories rose by 10% to $8.3 billion, driven by an increase in units. Nike returned $1.8 billion to shareholders through share repurchases and dividends. The company's business development included the completion of a new Enterprise Resource Planning (ERP...Show More

Nike, Inc. reported a decrease in revenues for the first quarter of fiscal 2025, with total revenues at $11.6 billion compared to $12.9 billion in the same period last year, marking a 10% decline. The company's earnings before interest and taxes (EBIT) also fell from $1.614 billion to $1.264 billion, a 22% decrease. Net income saw a significant drop of 28%, from $1.450 billion to $1.051 billion, and diluted earnings per share decreased by 26% from $0.94 to $0.70. Gross margin, however, improved by 120 basis points to 45.4%, attributed to lower product costs and strategic pricing actions. Inventories rose by 10% to $8.3 billion, driven by an increase in units. Nike returned $1.8 billion to shareholders through share repurchases and dividends. The company's business development included the completion of a new Enterprise Resource Planning (ERP) platform in Greater China and North America, with plans to continue the global rollout. Nike's future plans involve a multi-year enterprise initiative to accelerate growth, which has already led to a net reduction in the global workforce and recognized restructuring charges. The company expects to complete cash payments related to restructuring by the end of the first half of fiscal 2025.