Nike reported Thursday evening a 45% increase in net income to $1.5 billion for its final quarter 2023-24, or $0.99 per share. Adjusted for restructuring charges, the sporting goods supplier's EPS would have been $1.01.

Sales fell by 2% to 12.6 billion, but were stable in local currencies, while gross margin improved by 1.1 points to 44.7%, thanks to strategic pricing measures and lower ocean freight and logistics costs.

For the year as a whole, the Beaverton, Oregon-based group posted net income up 12% to 5.7 billion (or adjusted EPS of $3.95) on revenues of $51.4 billion, up 1% in local currencies.

While we are encouraged by our progress, our fourth-quarter results have highlighted the challenges that have led us to update our outlook for the 2024-25 financial year', acknowledged CFO Matthew Friend.

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