Despite slowing sales in the fourth quarter, Nike has now reported growing revenues for fiscal 2022. In terms of the most recent quarter, revenue saw a 1% decline to $12.2 billion USD, even though Nike Direct revenue was up 7% to $4.8 billion USD.
Gross margin declined by 80 basis points to 45% and diluted earnings per share sits at $0.90 USD. The company blamed the latter on low inventory reserves in China as well as increasing logistics and shipping costs around the globe.
As for its full-year performance for fiscal 2022, figures look slightly better. The company recorded a 5% increase in revenue, generating $46.7 billion USD over the 12 months. While selling and administrative expenses increased 14% to $14.8 billion USD, the sportswear giant nonetheless raked in $6 billion USD in net income, marking a 6% hike and translating to diluted earnings per share of $3.75 USD, up 5% year-over-year.
"Nike’s results this fiscal year are a testament to the unmatched strength of our brands and our deep connection with consumers," said CEO John Donahoe. "Our competitive advantages, including our pipeline of innovative product and expanding digital leadership, prove that our strategy is working as we create value through our relentless drive to serve the future of sport."
In other related news, eBay has acquired NFT marketplace KnownOrigin.