Multinational corporation NIKE Inc. posted a double-digit climb in the bottom line of the first quarter for the fiscal year 2022 as physical retail normalized, the company announced in a filing.
- First-quarter net income stood at $1.9 billion, up 23% from the same quarter the previous year, while diluted earnings per share climbed 22% to $1.16. The gross margin increased 170 basis points to 46.5%.
- Revenues jumped 16% to $12.2 billion, reflecting a 12% increase on a currency-neutral basis. Revenues for the Nike Brand accounted for $11.6 billion, while Converse accounts for $629 million.
- President and Chief Executive Officer John Donahoe said the latest earnings reflect its innovation pipeline and its digital advantage, which fuels its brand momentum, noting the company’s playbook.
- NIKE released an estimated $1.2 billion to shareholders, including a 13% increase in dividends to $345 million and share repurchases of $742 million, equivalent to 4.8 million shares. This is part of the four-year $15-billion program approved in June 2018.
Selling and administrative expenses for the period jumped 20% to $3.6 billion. NKE is down 5.06% premarket.