💡 Nike: a return to its roots and financial results! 🏀👟

Nike Inc $NKE reported revenue of $12.4 billion in the second quarter of fiscal year 2024, a decrease of 8 % from the previous year. Still, the results beat analysts' expectations, who had estimated revenue of $12.12 billion. Net income decreased by 26 % to USD 1.2 billion, while gross margin fell by 3 to 3.5 percentage points due to increased costs and discount promotions. 📉

New CEO Elliott Hill, who returned to the company in October, promises a return to its roots. He stressed that Nike had lost its obsession with sports, and promised to get the brand back on track. "Going forward, we will put athletes at the center of every decision and use deep athlete insights to accelerate innovation, design and storytelling," Hillsaid .

The new strategy will focus on core sports such as basketball and running, and aims to rebuild the brand after several quarters of weaker sales. Although Wall Street remains cautious, investors hope a return to a sports focus will help the company revive its market position.

After all, the company's stock has lost about half its value in three years!

📊 More interesting data:
Nike paid dividends of $557 millionin the second quarter , representing 7% an increase from a year ago.

The company repurchased shares worth 1.1 billion USD.

Nike faces a tough competitive environment and short-term challenges, but its long-term plan to focus on innovation, core sports and collaboration with retail partners can deliver results. 📈

How do you see the future of Nike? Do you think it's a brand that can shine again, or has competition taken over its dominance? 🌟