In the fourth quarter of fiscal 2023, the sportswear company posted a 5% growth in revenue to 12.8 billion US dollars, on a comparable basis to the same period of last fiscal year; on a currency-neutral basis, its fourth quarter revenue increased by 8%.

By brand, in this period, the Nike brand's revenue amounted to 12.2 billion US dollars, up by 5% on a reported basis and by 8% on a currency-neutral basis and Nike Direct's revenue totalled 5.5 billion US dollars, up by 15%  on a reported basis and by 18% on a currency-neutral basis, as compared to a similar period in the prior year; meanwhile, Converse's revenue declined by 1% on a reported basis and grew by 1% on a currency-neutral basis to 586 million US dollars.

In the last quarter of the previous fiscal year, the company saw its gross margin contract by 140 basis points to 43.6% from the same period of fiscal 2022, mainly “due to higher product input costs and elevated freight and logistics costs, higher markdowns and continued unfavourable changes in net foreign currency exchange rates — partially offset by strategic pricing actions and lapping higher inventory obsolescence reserves in Greater China in the prior period”.

In the three months to the 31^st of May, Nike's net income totalled 1.0 billion US dollars and diluted earnings per share were 0.66 US dollars, reflecting a decline of 28% and 27%, respectively, on a comparable basis to the same period of last fiscal year.

Full Year Results

“Nike's strong results make clear that our strategy is working. FY23 was a milestone year for Nike as our unique advantages continue to drive competitive separation. Our investment in innovation and our digital leadership are fuelling broad-based growth across our portfolio of brands, as we create value by serving the future of sport”, commented John Donahoe, President and CEO of Nike.

The company's revenue grew by 10% over fiscal 2023, as compared to the same period of the prior fiscal year, reaching 51.2 billion US dollars; on a currency-neutral basis, it rose by 16%.

Particularly, the Nike brand contributed 48.8 billion US dollars to the total revenue, up by 10% on a reported basis and by 16% on a currency-neutral basis, Nike Direct added 21.3 million US dollars, up by 14% on a reported basis and by 20% on a currency-neutral basis, and Converse's revenue grew by 3% on a reported basis and by 8% on a currency-neutral basis to 2.4 billion US dollars, on a comparable basis to fiscal 2022.

In the twelve months to the 31^st of May, Nike's net income was 5.1 billion US dollars and diluted earnings per share were 3.23 US dollars, down by 16% and 14%, respectively, as compared to the previous fiscal year.