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Giving Home > Giving News > Finance News > Nike Reports Quarterly Results

Nike Reports Quarterly Results

Published December 27, 2024

Nike, Inc (NKE) reported its fiscal second quarter results on Thursday, December 19. Despite the company reporting better-than-expected earnings, shares fell approximately 4% following release of the report.

Nike posted second quarter net revenue of $12.35 billion. This is down 8% from $13.39 billion reported in the same quarter last year and surpassed the $12.13 billion in revenue that analysts expected.

"After an energizing 60 days of being back with my NIKE teammates, our clear priority is to return sport to the center of everything we do," said Nike CEO, Elliott Hill. "We are taking immediate action to reposition our business, so we can get back to driving long-term shareholder value. Our team is ready to go, and I am confident you will see more moments of NIKE being NIKE again."

The company reported net income of $1.16 billion or $0.78 per adjusted share for the quarter. This was down 26% from net income of $1.58 billion or $1.03 per adjusted share reported last year.

Nike appointed Elliott Hill as new CEO during the quarter as the company seeks to return to stronger sales performance. Nike Brand revenue was $12.0 billion during the quarter, down 7% from this time last year. Nike Direct segment sales reached $5.0 billion, down 13% for the quarter. Nike Brand Digital sales were down 21%. Nike’s inventories were $8.0 billion in the quarter, relatively unchanged compared to a year ago. Wholesale revenues were down 3% to $6.9 billion.

Nike, Inc. (NKE) shares ended the week at $76.42, remaining relatively unchanged for the week.

FedEx Delivers Earnings

FedEx Corp. (FDX) released its second quarter earnings report on Thursday, December 19. The company’s stock remained relatively unchanged even with reporting stronger-than-expected earnings.

Revenue came in at $21.97 billion for the quarter, down from $22.17 billion at this time last year. This was below analysts expected quarterly revenue of $22.14 billion.

“Our second quarter results demonstrate that our efforts to transform our operations are working,” said FedEx CEO, Raj Subramaniam. “The Federal Express segment delivered operating profit growth despite several headwinds, including the continued weak U.S. domestic demand environment as well as the expiration of our U.S. Postal Service contract. I am proud of the team for continuing to deliver solid service to our customers throughout the Peak season, as we create a more flexible, efficient, and intelligent network.”

The company posted net income of $741 million or $3.03 per adjusted share for the quarter. This was down from $900 million or $3.55 per adjusted share one year ago.

FedEx announced that its Board of Directors voted in favor of separating FedEx Freight and creating a new separate publicly traded company within the next 18 months. Operating income decreased 18% during the quarter to $1.05 billion from a year ago. For fiscal 2025, FedEx expects earnings per adjusted share to be between $19.00 and $20.00 compared to previous estimates of between $20.00 and $21.00 per adjusted share.

FedEx (FDX) shares ended the week at $280.36, up 2% for the week.

CarMax Rolls Out Earnings

CarMax, Inc. (KMX) released its third quarter earnings report on Thursday, December 19. The automobile retailer’s stock climbed almost 4% after the company exceeded earnings and revenue estimates.

CarMax reported net sales of $6.22 billion during the quarter, up 1.2% from $6.15 billion in net sales at this time last year and surpassed the expected quarterly revenue of $5.99 billion.

“I am pleased with the positive momentum that we are driving across our diversified business model,” said CarMax CEO, Bill Nash. “Our solid execution and a more stable environment for vehicle valuations enabled us to deliver robust EPS growth driven by increases in unit sales and buys, solid margins, growth in CAF income, and ongoing management of SG&A. Our associates and our best-in-class omni-channel experiences are key differentiators that enable our success. We are excited to leverage the capabilities we have built to drive growth as we access the largest total addressable market within our industry.”

The company reported quarterly net income of $125.4 million or $0.81 per adjusted share. This was up from $82.0 million or $0.52 per adjusted share one year ago.

CarMax sold 320,256 vehicles in the quarter, an increase of 5.8% from the same time last year. CarMax’s wholesale vehicle sales rose by 6.3% to 136,013 vehicles. The company’s comparable store used sales increased 4.3%. CarMax’s finance segment reported income grew by 7.6% for the quarter to reach $159.9 million. The company expanded to over 245 locations by adding a new site in Alliance, Texas during the quarter.

CarMax, Inc. (KMX) shares ended the week at $83.77, remaining relatively unchanged for the week.

The Dow started the holiday week of 12/23 at 42,800 and closed at 42,992 on 12/27. The S&P 500 started the week at 5,940 and closed at 5,971. The NASDAQ started the week at 19,641 and closed at 19,722.