Fast Money Blog- 6/30/23

On Thursday, June 29th, Nike, Inc. (NKE) released its earnings for both Q4 2023 and it’s full year results ending May 31st, 2023. The results were fantastic across all of the Nike brands.

The company posted Q4 top-line revenue of $12.8 billion, up 5% year-over-year.

Here’s how Nike’s quarterly revenue broke down:

Revenues for the NIKE Brand were $12.2 billion, up 14% year over year. 

NIKE Direct sales brought in $5.5 billion, up 15% year-over-year. 

Some bright spots for Nike included Q4 sales in China reaching $1.8 billion, up 16% year-over-year and the fact that the company returned dividends of $524 million to shareholders, up 9% from the prior year.

Believe it or not, Michael Jordan is still making Nike big bucks for the brand. Quarterly revenue from its clothing and sneaker line, Jordan, stood at $6.5 billion, a 29% year-over-year increase.

From an accounting point of view the downside for Nike is its net income. Q4 net income was down 28% to $1 billion due to higher costs and markdowns. 

For Fiscal 2023, revenues increased 10% year-over-year to $51.2 billion, but net income was down 16% year-over-year to $5.07 billion.

However, from my point of view I still think Nike stock is an outstanding long-term hold. 

Over the next 30 days I expect this bull market to continue with tech stocks, like Microsoft Corporation (MSFT), Alphabet, Inc. (GOOGL) and Amazon.com (AMZN) leading the way. 



Stay open and stay positive, as our market is going higher.