Nike Stock Slumps On Q4 Earnings Beat, $18 Billion Share Buyback


Updated at 5:46 pm EST

Nike  (NKE) – Get Nike Inc. Report posted stronger-than-expected fourth quarter earnings Monday as solid gains in its direct-to-consumer business offset a Covid-linked sales slump in China and surging transportation costs. 

Shares in the group slumped lower, however, after it forecast fiscal 2023 revenues would grow by ‘low single digits’ when compared to 2022 levels, thanks in part to the headwinds of a stronger U.S. dollar, with profit margins falling as much as 50 basis points.

Nike said earnings for the three months ending in May came in at 91 cents per share, down 2 cents from the same period last year but firmly ahead of the Street consensus forecast of an 81 cent profit. Group revenues, Nike said, 1% from last year to $12.24 billion, just ahead of analysts’ estimates of a $12.075 billion tally.

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