Dive Brief:
- Nike on Thursday reported fourth quarter revenue of $10.2 billion, up 4%, as full year revenue grew 7% to $39.1 billion, according to a company press release. The results fell slightly short of analyst expectations on earnings per share, but beat on revenue, according to MarketWatch.
- Revenues for the Nike brand were up 10%, reaching $9.7 billion, driven by Nike Direct and wholesale, as well as growth in footwear and apparel. Revenues for Converse were flat year over year, at $491 million.
- Net income in the fourth quarter was $989 million, down 13% from the prior year, while net income for the year increased 108% to $4 billion. Gross margin was 45.5%, an increase of 80 basis points, thanks to higher prices and Nike Direct growth. Gross margin for the year increased by 90 basis points.
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