Nike Crushes Q1 EPS Targets, Warns of Guidance Adjustment

October 1, 2024

Nike Inc. reported earnings for its first quarter handily topped Wall Street targets, but said it was postponing its upcoming Investor Day and indicated it “would address its approach to guidance” on its quarterly analyst call in light of the appointment of Nike veteran Elliott Hill as CEO. Sales in the quarter were down 10  percent with declines of 13 percent in direct and 8 percent in wholesale channels.

Earnings in the quarter ended August 31 came in at 70 cents a share, topping analysts’ consensus target of 52 cents. Sales reached $11.6 billion, slightly ahead of consensus estimates of $11 billion. First quarter revenues were $11.6 billion, down 10 percent on a reported basis compared to the prior year and down 9 percent on a currency-neutral basis* SGB