Athletic footwear and apparel giant NIKE, Inc.’s (NKE) fiscal 2023 fourth-quarter revenue surpassed Wall Street’s estimates. However, its earnings fell short of expectations for the first time in three years, as the company reported lower margins that weighed on profits during the quarter.
NKE reported fourth-quarter revenue of $12.83 billion, up 5% year-over-year and ahead of analysts’ estimates of $12.58 billion. The company beat revenue estimates for the seventh consecutive quarter, as sales surged in China after the country rolled back its pandemic restrictions. Its full-year revenues were $51.20 billion, an increase of 10% compared to the prior year.
