WASHINGTON, June 28 (Bernama-dpa) -- US sportswear giant Nike’s profit increased in the fourth quarter year-on-year, the company reported on Thursday, beating analysts' estimates, German news agency (dpa) reported.
The company's bottom line totalled US$1.5 billion, or US$0.99 per share, compared with US$1.03 billion, or US$0.66 per share, in last year's fourth quarter.
Excluding items, Nike reported adjusted earnings of US$1.01 per share for the period. Analysts on average had expected the company to earn US$0.83 per share, according to figures compiled by Thomson Reuters.
Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 1.7 per cent to US$12.61 billion from US$12.83 billion last year.
Nike chief financial officer Matthew Friend said the company was "driving better balance" across its portfolio.
"While we are encouraged by our progress, our fourth quarter results highlighted challenges that have led us to update our Fiscal '25 outlook," Friend said.
"We are taking actions to reposition Nike to be more competitive, and to drive sustainable, profitable long-term growth."
-- BERNAMA-dpa
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