Nike's Fourth Quarter Results Highlight Its Struggle With Ongoing Challenges

Benzinga06-29 00:31

On Thursday, Nike (NYSE: NKE) reported its fourth quarter earnings, shares plunging more than 12% in after hours trading. Sponsoring nine national teams at the UEFA Euro 2024 football tournament, Nike...

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Sponsoring nine national teams at the UEFA Euro 2024 football tournament, Nike...</p>\n\n<a href=\"https://finance.yahoo.com/news/nikes-fourth-quarter-results-highlight-163121486.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4094","symbol_name":"服装零售","start_time":0,"source_url":"https://finance.yahoo.com/news/nikes-fourth-quarter-results-highlight-163121486.html","article_id":"2447638290","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/90kK.jHBcQPT8faygbzIfw--~B/aD02NzU7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/Benzinga/f5c5cbcdec4552cd79409c5f9a806053"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2447638290","pubTimestamp":1719592281,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"On Thursday, Nike  reported its fourth quarter earnings,shares plunging more than 12% in after hours trading. Sponsoring nine national teams at the UEFAEuro 2024 football tournament,Nike isthe top sponsor of jerseys in that arena,beating outits rivalslikeAdidasAG , but the overall vibe is that Nike just hasn’t innovated enough with its products not being accompanied by the quality storytelling it built its success upon.The world’s largest sportswear makerby sales lowered its full year sales outlook,rattlingthe stocks of Foot Locker  andDick's Sporting Goods , as it seems even the upcoming Olympics Games won't be able to help it get out of its sales slump.For the quarter that ended on May 31st, Nike reported revenuedecreased by2%to$12.61 billion.Itsdirect-to-consumer saleswere8%down a YoY basis as they amounted to$5.1 billion, whilewholesale revenueswent up5%as they amounted to$7.1 billion.The world's largest sportswear company alsorevealed it is struggling withweakening demand in inter","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4094":"服装零售","BK4561":"索罗斯持仓","DKS":"迪克体育用品","FL":"富乐客","BK4534":"瑞士信贷持仓","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","BK4581":"高盛持仓","BK4585":"ETF&股票定投概念","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4200":"专卖店","BK4146":"鞋类","BK4588":"碎股","NKE":"耐克","BK4558":"双十一","BK4566":"资本集团","LU0823411888.USD":"法巴消费创新基金 Cap","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)"},"translate_title":"耐克第四季度业绩凸显了其应对持续挑战的斗争","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NKE":1,"FL":1,"DKS":1},"content_text":"On Thursday, Nike (NYSE: NKE) reported its fourth quarter earnings, shares plunging more than 12% in after hours trading. Sponsoring nine national teams at the UEFA Euro 2024 football tournament, Nike is the top sponsor of jerseys in that arena, beating out its rivals like Adidas AG (OTC: ADDYY), but the overall vibe is that Nike just hasn’t innovated enough with its products not being accompanied by the quality storytelling it built its success upon. The world’s largest sportswear maker by sales lowered its full year sales outlook, rattling the stocks of Foot Locker (NYSE: FL) and Dick's Sporting Goods (NYSE: DKS), as it seems even the upcoming Olympics Games won't be able to help it get out of its sales slump.\nNike Is Going Back To Embracing Wholesalers\nNike’s strategy to drift away from wholesalers like Foot Locker and Dick Sporting Goods to sell its products through its direct channels of owned stores and website has hurt its sales, so the athleisure wear giant is trying to restore those relations. Its key retail partners, including Foot Locker and Dick's Sporting Goods have been openly optimistic about Nike’s upcoming product launches and new innovations. Foot Locker noted that Nike is clearly back to playing offense. \nFiscal Fourth Quarter Highlights\nFor the quarter that ended on May 31st, Nike reported revenue decreased by 2% to $12.61 billion. \nIts direct-to-consumer sales were 8% down a YoY basis as they amounted to $5.1 billion, while wholesale revenues went up 5% as they amounted to $7.1 billion. The world's largest sportswear company also revealed it is struggling with weakening demand in international markets, including in China.\nOn a slightly better note, gross margins increased to 44.7% from last year’s comparable quarter when it amounted to 43.6%.\nA Lowered 2025 Fiscal Year Outlook\nNike projected a larger than expected sales decline after initially guiding for overall sales growth in 2025 that kicked off on June 1st and is deemed to be a transition year for its business, as phrased by the CEO John Donahoe . In fiscal 2025, Nike excepts revenue to go down by mid-single digits, including first quarter’s expected 10% drop.\nThe World’s Most Successful Sports Brand Story Needs To Regain Its Mojo\nThroughout its fiscal 2024, Nike has been trying to restore its sales growth mojo but aweaker than expected quarter wrapped up a lackluster year. Nike is taking aggressive action to reorganize its inventory, hoping the Olympics will also help getting out of its sales slump, along with new products that are expected to boost financials by the end of the year, with meaningful andsequential improvemenst in the second of the year. What Nike never lacked is self-confidence, but the latest reported quarter undoubtedly highlighted the many challenges that gaslighting its well-known spirit. \nDISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.\nThis article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.\n\"ACTIVE INVESTORS' SECRET WEAPON\" Supercharge Your Stock Market Game with the #1 \"news & everything else\" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!\nGet the latest stock analysis from Benzinga?\n\nNIKE (NKE): Free Stock Analysis Report\n\nThis article Nike's Fourth Quarter Results Highlight Its Struggle With Ongoing Challenges originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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