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Nike Aims to Bolster Retail Sales After Q3 Earnings

Nike (NYSE:NKE) is an Oregan-based company that is engaged in the design, development, marketing, and sale of athletic footwear, apparel, equipment, accessories, and services around the world. Shares of Nike have dropped 11% month-over-month as of early morning trading on Friday, March 22. The stock is now down 12% in the year-to-date period.

The company released its third quarter (Q3) fiscal 2024 earnings on March 21, 2024. In Q3 FY2024, Nike revenues were up slightly on a year-over-year basis to $12.4 billion, with revenues for the NIKE Brand up 2% to $11.9 billion. Converse, meanwhile, fell 19% to $495 million. Net income declined 5% year-over-year to $1.2 billion.

For the full year, the company delivered NIKE Direct revenues of $5.4 billion. That was also up slightly on a reported and currency-neutral basis. Wholesale revenues rose 3% to $6.6 billion and diluted earnings per share (EPS) reached $0.77. CEO Matt Friend said that Nike would cut back on supplies of its “classic” shoes to focus on upcoming launches and new product development. It aims to reinvigorate interest as retail sales were on the weaker side.

Shares of Nike currently possess a price-to-earnings ratio of 27. That puts the stock in solid value territory at the time of this writing. Nike boasts an excellent balance sheet, and it last paid out a quarterly dividend of $0.37 per share. That represents a modest 1.5% yield.