NIKE, Inc. Announces Q1 Fiscal 2025 Financial Performance
NIKE, Inc. Announces Q1 Fiscal 2025 Financial Performance
NIKE, Inc. (NYSE:NKE) shared its financial results for the first quarter of fiscal 2025, reflecting a revenue of $11.6 billion. This marks a decline of 10% compared to the same period last year and a 9% dip on a currency-neutral basis.
Revenue Breakdown
Among the key figures, NIKE Direct generated revenues of $4.7 billion, a 13% decrease year-on-year. Meanwhile, wholesale revenues accounted for $6.4 billion, representing an 8% decline. Despite this downturn, the company's gross margin saw an increase of 120 basis points, reaching 45.4%.
First Quarter Income Statement Highlights
- Revenues: $11.6 billion
- NIKE Brand Revenues: $11.1 billion
- Converse Revenues: $501 million
- Gross Margin: 45.4%
- Net Income: $1.1 billion; Diluted EPS: $0.70
Leadership Transition Announcements
During this quarter, NIKE also announced the appointment of Elliott Hill as the new President and CEO, effective from October 14, 2024. This transition is expected to rejuvenate the company's approach to innovation and growth.
Management Insights
Matthew Friend, Executive Vice President and Chief Financial Officer, commented on the first-quarter outcomes, expressing optimism about NIKE's direction and reinvigorated leadership. "A comeback of this magnitude takes time, but the momentum in key sports and innovations gives us confidence in our strategy going forward," stated Friend.
Shareholder Returns and Investments
NIKE continues its tradition of shareholder returns with approximately $1.8 billion returned to shareholders during the first quarter. This includes:
- Dividends: $558 million, which is a 6% rise from last year.
- Share Repurchases: $1.2 billion, constituting 14.8 million shares bought back under a larger $18 billion repurchase program initiated in June 2022.
Conference Call Information
A conference call is set for October 1, 2024, at approximately 2:00 p.m. PT, during which NIKE's management will discuss the fiscal first-quarter results in detail. This event will be accessible via the company’s investor relations website.
About NIKE, Inc.
NIKE, Inc., located in Beaverton, Oregon, stands as a leader in the design, marketing, and distribution of athletic footwear, apparel, and equipment across several sports and fitness activities. Converse, a wholly-owned subsidiary of NIKE, Inc., further amplifies the brand's outreach through its own lifestyle-focused products.
Frequently Asked Questions
What were the total revenues for NIKE in Q1 Fiscal 2025?
The total revenues for NIKE in Q1 Fiscal 2025 were $11.6 billion.
Who has been appointed as the new CEO of NIKE?
Elliott Hill was appointed as the President and CEO of NIKE, effective from October 14, 2024.
What was the gross margin for this quarter?
The gross margin for the first quarter of Fiscal 2025 was 45.4%.
How much did NIKE return to shareholders this quarter?
NIKE returned approximately $1.8 billion to shareholders, including dividends and repurchases.
When is the conference call to discuss the financial results?
The conference call is scheduled for October 1, 2024, at 2:00 p.m. PT.
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