Nike Inc. said on Thursday that its revenues for the first quarter of fiscal 2023 climbed 4% to $12.7 billion year on year, topping analysts' estimates.
Net income dropped 22% on an annual basis to land at $1.5 billion, or $0.93 per diluted share, but were still in line with expectations.
"Our strong start to FY23 highlights the depth and breadth of NIKE’s global portfolio, as we continue to manage through volatility," CEO John Donahoe stated. "We expect our unrelenting focus on better serving the consumer to continue to fuel growth and create value like only NIKE can," he added.
Nike shares fell 1.92% in after-hours trading.
