Nike Q4 Blows Past Analyst Expectations as Demand in North America Soars

Consumer affection for the Swoosh roared back to life in the fourth quarter as Nike reported that it swung to a profit that blasted past analyst expectations. For the three months ended May 31, Nike posted net income of $1.5 billion, or 93 cents a diluted share, versus a loss of $790 million, or 51 cents, in the prior-year quarter. Revenues in the quarter totaled $12.3 billion, nearly doubling from last year’s $6.31 billion. For the fiscal year, the company said it earned $5.73 billion, or $3.56 a share, from $2.54 billion, or $1.60. Revenues improved 19.1% to $44.54 billion. Analysts expected a profit of 51 cents a share in the quarter and EPS of $3.14 for the year. By region, fourth-quarter sales in North America jumped 141.4% led by a 136.2% jump in footwear sales to $3.79 billion. In Greater China, footwear sales rose 14.5% to $1.32 billion. The company said fourth-quarter wholesale revenue increased due to delayed shipments from the previous quarter. “Nike’s strong results this quarter and full fiscal year demonstrate Nike’s unique competitive advantage and deep connection with consumers all over the world,” said President and CEO John Donahoe in an earnings release. “Fueled by our momentum, we continue to invest in innovation

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