Nike's (NKE) fourth-quarter sales saw a year-over-year drop, however, the decline was not as substantial as analysts predicted, in part due to the company's ongoing restructuring efforts. The giant sports apparel manufacturer's revenue dipped 12% to $11.1 billion, nonetheless, this figure surpassed the analyst consensus formulated by Visible Alpha. The net income stood at $211 million, marking a decrease from last year's income of $1.5 billion. Despite the fall, the results still outperformed Street projections. The encouraging quarter was the third under CEO Elliott Hill's leadership, who started in October last year. Nike cautioned in March that short-term sales might be affected by its restructuring plan but anticipated an ease post the fourth quarter due to a portfolio shift. "We anticipate improvement in our business as a result of the progress we are making," stated Hill in a Thursday announcement. Nike's shares experienced a 1% downturn in extended trading, and the stock declined 17% for 2025 as per Thursday's closing.
Nike Surpasses Analysts' Expectations Despite Yearly Sales Drop
Despite declining yearly sales, Nike registers better-than-forecasted results for the fiscal fourth quarter as turnaround plan is set in place.
