Nike beats Street 4Q forecasts
BEAVERTON, Ore. (AP) _ Nike Inc. (NKE) on Thursday reported fiscal fourth-quarter net income of $1.01 billion.
The Beaverton, Oregon-based company said it had profit of 60 cents per share.
The results topped Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.
The athletic apparel maker posted revenue of $8.68 billion in the period, also surpassing Street forecasts. Thirteen analysts surveyed by Zacks expected $8.61 billion.
For the year, the company reported profit of $4.24 billion, or $2.51 per share. Revenue was reported as $34.35 billion.
Nike shares have increased nearly 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 8 percent. In the final minutes of trading on Thursday, shares hit $53.17, a drop of almost 4 percent in the last 12 months.
Keywords: Nike, Earnings Report