Fast Money Blog- 9/30/22
Nike, Inc. (NKE) Q1 2023 Earnings
On Thursday, September 29th, 2022 Nike, Inc. (NKE) released their financial results for Q1 2023.
The good news is that the company posted top-line revenue of $12.7 billion, up 4% year-over-year.
Here’s how Nike’s quarterly revenue broke down:
NIKE Brand Digital sales increased 16% to
NIKE Direct revenues were $5.1 billion, up 8% year-over-year.
Revenues for Converse were $643 million, up 2% year-over-year.
Additionally, in the first quarter NIKE returned approximately $1.5 billion to shareholders, including:
Dividends of $480 million, up 11% from the prior year.
Wall Street fears that Nike has too much inventory which is why their sentiment is so negative.
I think this company’s revenue is stellar. If you are a long term investor with a 2 to 5 year time horizon you will do very well. However if you are a short term trader, Wall Street will continue to hold NKE stock to a high standard in the short term. I like 3 to 6 month out-of the-money covered calls as a NKE trade.
Stay positive, stay patient.