(Nike) Shares of NIKE Inc. rose more than 5% on Tuesday in premarket after reporting a revenue jump of 5% in the third quarter of 2022 from the prior year to $10.9 billion. The revenue was greater than expectations of $10.59 billion.
Revenue for the Nike brand came at $10.3 billion, an increase of 8% from the previous year.
The company’s gross margin was reported at 46.6% in the third quarter, an increase of 100 basis points.
The sneaker retailer announced a net income of $1.4 billion in the quarter, a decline of 4%. The diluted EPS was $0.87.
Nike said it returned a total of $1.7 billion to shareholders, which consisted of $484 million in dividends, up 12% from the prior year. Share repurchases amounted to $1.2 billion in the quarter.
NKE: NYSE is up +5.91% on premarket.
