Nike (NYSE:NKE) stock is slipping on Tuesday despite the sportswear company releasing a strong earnings report for its fiscal fourth quarter of 2022.
Nike starts off its earnings report with diluted earnings per share (EPS) of 90 cents. That’s better than the 81 cents per share that Wall Street was expecting for the quarter. However, it’s a 3% drop from the company’s diluted EPS of 93 cents from the same time last year.
Next up is Nike’s revenue of $12.23 billion for its fiscal fourth quarter of 2022. Yet again, that’s above the $12.09 billion that analysts were looking for this quarter. Unfortunately, it’s also a 1% drop from the $12.34 billion reported in the same period of the year prior.
Matt Friend, executive vice president and CFO of Nike, said the following in the fiscal Q4 earnings report.
In this dynamic environment, NIKE’s unrivaled strengths continue to fuel our momentum. Two years into executing our Consumer Direct Acceleration, we are better positioned than ever to drive long-term growth while serving consumers directly at scale.
It’s worth mentioning that Nike saw a 7% growth in its Direct sales category. This was due to strong performance in EMEA, APLA, and North America, which partially offset a decline in Greater China.
Heavy trading follows NKE stock with its earnings report today. This has some 10 million shares on the move as of this writing. That’s already above its daily average trading volume of about 7 million shares.
NKE stock is down 3.2% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
