Nike released its Q3 FY2023 earnings on Tuesday, topping analysts’ expectations.
The company reported $12.4B in revenue, up 14% YoY. Net income came in at $1.2B, or 79 cents a share, down 11% YoY. Nike posted $8.9B in inventories at the end of the quarter, up 16% YoY.
Nike Direct sales were $5.3B, up 17% YoY; Nike Brand Digital sales rose 20% YoY.
- Nike North America sales rose 27% YoY; however, sales in China fell 8% to $1.99B.
- Nike bought back $1.5B worth of shares in the quarter, bringing its total share repurchases under its current program to 32 million shares, worth about $3.4B.
- Nike’s board approved a four-year $18B share buyback program in June 2022.
- Nike shares fell ~2.3% in extended trading on Tuesday; the company is up ~6% YTD.
