Nike (NKE, $110.50) exceeded Wall Street's earnings and sales estimates but shares of the company dipped by 2% in after-hours trade.
Nike's revenue reached $12.23b, surpassing the average analyst estimate of $12.06b expected for its fiscal fourth quarter. But the company's net income was $1.44b, or 90 cents per share, as opposed to $1.51b, or 93 cents per share, for the same period last year.
Meanwhile, sales decreased from $12.34b to $12.23b throughout the course of the year, owing to a drop in its wholesale business where sales fell by 7% to $6.8b, North American sales dropping 5% to $5.11b and finally China sales falling by 19% to $1.56b.
Despite the sales figures, the company remains hopeful, but it expects increased product costs, supply chain costs, greater levels of markdowns, and higher ocean freight costs in the coming year.