Nike tops Q4 sales, profit estimates as CEO doubles down on sports focus
Nike reported a smaller-than-expected drop in fourth-quarter revenue and beat profit estimates on Thursday, as CEO Elliott Hill's strategy to focus product innovation and marketing around sports begins to pay off.
The company, which has been grappling with competition in the running space, has heavily invested in running shoes and sneaker lines such as Pegasus and Vomero, and tried to cut its stock of older models such as the Air Force 1 and Air Jordan 1, through discounts.
Under Hill, who joined in October last year, Nike has rekindled relationships with wholesale partners, expanding the company's presence at more physical retailers, and started selling on Amazon.com for the first time in six years.
The company's fourth-quarter revenue fell 12% to $11.10 billion, compared with analysts' expectation of a 14.9% drop to $10.72 billion, according to data compiled by LSEG.
Under Hill's "win now" strategy, Nike is also investing more into sport-focused marketing to regain its edge as a sports brand.
The company on Thursday hosted an attempt by sponsored athlete Faith Kipyegon to run a mile in under four minutes. Paced by other star athletes in the glitzy, live-streamed event in a Paris stadium, Kipyegon fell short of the goal but set a new unofficial record.
Nike reported fourth-quarter earnings per share of 14 cents, compared with analysts' average estimate of 12 cents.
China continues to be a pain point in the reported quarter, the company said, as tougher economic conditions and competition hurt demand for Nike's sneakers in the country.
Sales in China fell 21% in the fourth quarter, following a 17% fall in the prior three-month period.
Its gross margin for the quarter ended May 31 fell 440 basis points following a 330 basis points drop in the third quarter.
Nike's shares were down 2% in extended trading. They have fallen 19.6% so far this year.
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Time of India
3 hours ago
- Time of India
Nike tops Q4 sales, profit estimates as CEO doubles down on sports focus
Nike reported a smaller-than-expected drop in fourth-quarter revenue and beat profit estimates on Thursday, as CEO Elliott Hill's strategy to focus product innovation and marketing around sports begins to pay off. The company, which has been grappling with competition in the running space, has heavily invested in running shoes and sneaker lines such as Pegasus and Vomero, and tried to cut its stock of older models such as the Air Force 1 and Air Jordan 1, through discounts. Under Hill, who joined in October last year, Nike has rekindled relationships with wholesale partners, expanding the company's presence at more physical retailers, and started selling on for the first time in six years. The company's fourth-quarter revenue fell 12% to $11.10 billion, compared with analysts' expectation of a 14.9% drop to $10.72 billion, according to data compiled by LSEG. Under Hill's "win now" strategy, Nike is also investing more into sport-focused marketing to regain its edge as a sports brand. The company on Thursday hosted an attempt by sponsored athlete Faith Kipyegon to run a mile in under four minutes. Paced by other star athletes in the glitzy, live-streamed event in a Paris stadium, Kipyegon fell short of the goal but set a new unofficial record. Nike reported fourth-quarter earnings per share of 14 cents, compared with analysts' average estimate of 12 cents. China continues to be a pain point in the reported quarter, the company said, as tougher economic conditions and competition hurt demand for Nike's sneakers in the country. Sales in China fell 21% in the fourth quarter, following a 17% fall in the prior three-month period. Its gross margin for the quarter ended May 31 fell 440 basis points following a 330 basis points drop in the third quarter. Nike's shares were down 2% in extended trading. They have fallen 19.6% so far this year.
Time of India
20 hours ago
- Time of India
Kenya's Kipyegon falls well short in bid for first sub-four-minute mile
Kenya's Faith Kipyegon fell short in her attempt to become the first woman to run a mile in under four minutes on Thursday when she clocked 4:06.42 in a Nike "Breaking4" project that, though faster than her own world record, will not be ratified. The 31-year-old triple world and Olympic 1,500 metres champion had needed to take more than seven seconds off her own 2023 world record of 4:07.64 but, despite a series of aids, managed just over one second. She was helped by innovative new kit, super-spikes and, crucially, a phalanx of mostly male pacers who blocked the wind on the four and a bit laps of the Stade Charlety track where she set her 1,500m world record last year. Dressed in a black one-pieced suit with black arm warmers, the diminutive Kenyan was swamped by her group of pacers, mostly men and all world class athletes themselves. In a pre-designed plan, a group of five men ran in a line in front of her as "the shield" with American double Olympic bronze medallist Grant Fisher on her shoulder. Live Events She was about on course at halfway but began to slip behind the coloured pacing lights inside the track and drifted on the final lap as she tied up over the last 200 metres. Those male pacers meant, just as with compatriot Eliud Kipchoge's sub-two-hour marathon run with "in and out" pacers in 2019, that the new mark will not be recognised as a world record. Kipyegon, however, was her usual upbeat self at the finish. "I'm tired but I feel good and I tried," she said, thanking the crowd of around a thousand people who had given her enthusiastic support. "That is why I was coming here - to try to be the first woman to run under four minutes. It's only a matter of time but I think it will come our way. If it's not me, it will be someone else. "So, yeah, I know one day, one time, a woman will run under four. I will not lose hope. I will still go for it and if there's not something like this, a special one, I think in a normal Diamond League, or anything, I will still go for it and I hope I will get it one day." Britain's Roger Bannister was the first man to go under four minutes in May 1954, with compatriot Diane Leather the first woman to break five minutes later the same month. The current men's record is the 3:43.13 set by Hicham El Guerrouj in 1999.
India.com
a day ago
- India.com
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