Nike, Inc. (NKE - Free Report) ) just released its fourth-quarter fiscal 2017 results, posting earnings of $0.60 per share and revenues of $8.68 billion. Currently, NKE is a #3 (Hold) on the Zacks Rank, and is up 2.6% to $54.59 per share in trading shortly after its earnings report was released.
Beat earnings estimates. The company reported earnings of $0.60 per share, up 22.4% year-over-year, surpassing the Zacks Consensus Estimate of $0.49 per share.
Beat revenue estimates. The company saw total revenues of $8.68 billion, just beating our consensus estimate of $8.61 billion and increasing 5% year-over-year. Revenues increased by double-digits in Western Europe, Greater China and other emerging markets due to extensive growth in Sportswear and Running.
Sales and administrative expenses decreased by 4% to $2.7 billion, while overhead expenses decreased by 1% to $1.9 billion.
Net income for the quarter increased 19% to $1.0 billion, which was mostly due to a global revenue increase, decreased sales and administrative expenses, as well as a smaller tax rate.
Nike, Inc.'s principal business activity involves the design, development and worldwide marketing of high quality footwear, apparel, equipment, and accessory products. NIKE is the one of the largest sellers of athletic footwear and athletic apparel in the world. The company sells its products to retail accounts in the United States and through a mix of independent distributors, licensees and subsidiaries in numerous countries around the world.
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