Shares of Nike (NYSE:NKE) lost in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $0.66, which missed analysts’ consensus estimate of $0.68 per share. Sales increased by 4.9% year-over-year, with revenue hitting $12.83 billion. This beat analysts’ expectations of $12.58 billion.
Nike Direct saw its revenue up 18% against this time last year on a currency-neutral basis, with revenues reaching $5.5 billion in total. Meanwhile, the Wholesale division turned in $6.7 billion, which was up 2% against this time last year on a currency-neutral basis. Inventories were flat at $8.5 billion, and Nike put more cash to work on buybacks, debt retirement, and dividend payments. Cash stood at $10.7 billion, which was $2.3 billion lower than the preceding year.
Overall, Wall Street has a consensus price target of $131.90 on Nike, implying 16.34% upside potential, as indicated by the graphic above.
