Nike reported net income down 28% to $1.1 billion for its first quarter 2024-25, representing EPS of $0.70 (-26%), despite a gross margin up 120 basis points to 45.4%.

The latter benefited from lower Nike brand product costs, lower warehousing and logistics costs, as well as the positive effects of strategic pricing measures since the previous year.

On the other hand, the sporting goods supplier's sales contracted by 10% to $11.6 billion (-9% excluding currency effects), due to declines in all geographic zones for its eponymous brand.

As it is in the midst of a management transition, Nike states that it will discuss its approach to forecasts during a conference call, and that its previously announced investor day has been postponed.

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