Nike: Q3 diluted EPS of $0.77, just short of expectations

(CercleFinance.com) - Nike has released its Q3 2023/2024 results dor the period ended 29 February 2024 after trading yesterday.
Q3 revenues rose slightly to $12.4bn (+0.3%) versus $12.28bn expected.

The company was able to stimulate demand thanks to discounts on its products during the festive season, Invest Securities says.

Its gross margin increased by 150bp to 44.8%, taking into account a loss of 50bp due to restructuring charges.

Diluted EPS amounted to $0.77, including $0.21 of restructuring charges. Excluding these charges, diluted EPS would have been $0.98 (just short of the $0.75 expected).

The consensus is looking for 2024 sales of $51.75bn (+1.0%), with adjusted EPS of $3.60 (+11.5%), Invest Securities says.

Nike management says that it is encouraged by the progress it has seen as it builds a multi-year cycle of new innovations.

It adds that its teams are focused on what matters most to return to strong growth and is taking steps to build a faster, more efficient Nike and maximize the impact of its new innovation cycle.


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