Nike Beats Profit Expectations in Q1, Misses on Sales

September 28, 2023

The athletic giant reported Q1 revenues of $12.9 billion, up 2 percent compared to the prior year. This was in line with Nike’s previously issued guidance for Q1, which projected revenues between flat to up in the low single digits. However, it fell slightly short of FactSet estimates, which expected sales of $13 billion. Nike’s net income was down 1 percent to $1.5 billion, with diluted earnings per share of 94 cents, which was up 1 percent year-over-year. This blew past FactSet estimates, which expected EPS of 76 cents for Q1. FN