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Sports giant Nike, Inc. (NYSE: NKE ) on Tuesday reported a decline in earnings for the third quarter of 2023, while profits rose 14%.
Third quarter net income was $1.24 billion or $0.79 per share, compared to $1.40 billion or $0.87 per share in the corresponding fiscal 2022 period.
February quarter revenue rose 14% from last year to $12.40 billion. NIKE’s direct sales were $5.3 billion, up 17% from the prior-year quarter
Check out this space to read management/analyst commentary on Nike’s Q3 2023 earnings
“The differentiation of the NIKE brand and its strong execution continue to create separation in the market. We have made incredible progress in terms of inventory as we position NIKE for sustainable and more profitable growth,” said Matthew Friend, Nike’s chief financial officer.
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