Nike reported fiscal fourth quarter earnings that beat Wall Street's expectations on revenue but missed on profits.
Nike's fourth quarter revenue beat Wall Street's estimates but its profits fell short of expectations.Follow your favorite stocksA customer enters a Nike store along the Magnificent Mile shopping district on December 21, 2022 in Chicago, Illinois.reported mixed fiscal fourth-quarter earnings on Thursday, as lower margins weighed on profits.
The company's reported net income for the three-month period that ended May 31 was $1.03 billion, or 66 cents per share, compared with $1.44 billion, or 90 cents a share, a year earlier.Investors have been eager to see if Nike managed to improve its bloated inventory levels, which have weighed on its margins.The company attributed the drop to higher product input costs, elevated freight and logistics costs, an uptick in promotions and unfavorable currency exchange rates.
Nike has been relying on its wholesale partners to reduce inventory levels. The push boosted its wholesale revenue over the past few quarters, but didn't help its margins much. Macy's hasn't received a shipment from Nike since December 2021, but will now resume selling its apparel, including plus size women's, big and tall men's, kid's, bags and other gear, the department store told analysts during an earnings call. Nike's more premium offerings appear to be off the table for sale at Macy's.
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