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September 2023
September 2023
June 2023
May 2023
May 2023
March 2023
March 2023
December 2022
September 2022
September 2022
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Nike Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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Reported EBIT increased 7% due to higher revenues and the following: Gross margin contraction of 60 basis points primarily due to higher product costs reflecting higher input costs, inbound freight and logistics costs and product mix, higher other costs and unfavorable changes in standard foreign currency exchange rates.
Our most significant transactional foreign currency exposures are: Product Costs - NIKE's product costs are exposed to fluctuations in foreign currencies in the following ways: 1.
FISCAL 2023 COMPARED TO FISCAL 2022 Global Brand Divisions' loss before interest and taxes increased 14% for fiscal 2023 primarily due to a 12% increase in selling and administrative expense from higher operating overhead expense largely driven by higher wage-related costs and strategic technology enterprise investments.
In addition to the foreign currency gains and losses recognized in Corporate revenues, foreign currency results in Corporate include gains and losses resulting from the difference between actual foreign currency exchange rates and standard rates used to record non-functional currency denominated product purchases within the NIKE Brand geographic operating segments and Converse; related foreign currency hedge results; conversion gains and losses arising from remeasurement of monetary assets and liabilities in non-functional currencies; and certain other foreign currency derivative instruments.
2023 FORM 10-K 33 GROSS MARGIN FISCAL 2023 COMPARED TO FISCAL 2022 For fiscal 2023, our consolidated gross profit increased 4% to $22,292 million compared to $21,479 million for fiscal 2022.
Reported EBIT increased 7% due...Read more
The increased outflow in fiscal...Read more
Reported EBIT increased 2% due...Read more
Under this program, our payments...Read more
MANAGING TRANSACTIONAL EXPOSURES Transactional exposures...Read more
On August 16, 2022, the...Read more
References to these measures should...Read more
The variable future cash flows...Read more
Non-Functional Currency Denominated Monetary Assets...Read more
The operating environment could remain...Read more
NIKE Direct revenues increased 33%,...Read more
In the event we were...Read more
Unit sales of footwear increased...Read more
Operating overhead expense increased primarily...Read more
Unit sales of footwear increased...Read more
Unit sales of apparel increased...Read more
Unit sales of footwear increased...Read more
Unit sales of apparel increased...Read more
Unit sales of footwear increased...Read more
Unit sales of apparel increased...Read more
Unit sales of apparel increased...Read more
The increase in operating overhead...Read more
Operating overhead expense increased primarily...Read more
Unit sales of footwear increased...Read more
The increase was due to...Read more
Through the Consumer Direct Acceleration...Read more
Combined unit sales within the...Read more
To date, we have not...Read more
This increase was partially offset...Read more
Operating overhead expense increased 12%,...Read more
Additionally, we continue to invest...Read more
For fiscal 2023, fluctuations in...Read more
NIKE Direct revenues increased 18%,...Read more
NEW ACCOUNTING PRONOUNCEMENTS Refer to...Read more
NIKE Direct revenues increased 22%,...Read more
Upon termination of the four-year,...Read more
This increase was primarily due...Read more
When the designated amount of...Read more
HEDGE ACCOUNTING FOR DERIVATIVES We...Read more
Direct to consumer revenues increased...Read more
As of and for the...Read more
TRANSACTIONAL EXPOSURES We conduct business...Read more
TOTAL SELLING AND ADMINISTRATIVE EXPENSE...Read more
Our foreign exchange risk management...Read more
Now that we have completed...Read more
The impact of foreign exchange...Read more
The increase in operating overhead...Read more
The program is designed to...Read more
2023 FORM 10-K 40 GLOBAL...Read more
If future adjustments to estimated...Read more
Additionally, management believes these non-GAAP...Read more
Changes in foreign currency exchange...Read more
On a currency-neutral basis, NIKE...Read more
TRANSLATIONAL EXPOSURES Many of our...Read more
2023 FORM 10-K 36 NORTH...Read more
2023 FORM 10-K 37 EUROPE,...Read more
FISCAL 2023 COMPARED TO FISCAL...Read more
Our strategy is to achieve...Read more
Based on our current analysis...Read more
Revenues were $51.2 billion in...Read more
Endorsement Contracts - As of...Read more
As a part of the...Read more
Revenues increased primarily due to...Read more
Footwear revenues increased 22% on...Read more
Apparel revenues increased 9% on...Read more
Footwear revenues increased 25% on...Read more
Apparel revenues increased 14% on...Read more
Footwear revenues increased 8% on...Read more
Footwear revenues increased 19% on...Read more
Apparel revenues increased 13% on...Read more
NIKE Brand footwear revenues increased...Read more
NIKE Brand apparel revenues increased...Read more
Apparel revenues decreased 7% on...Read more
The impact of foreign exchange...Read more
Revenues, increased 10% and 16%...Read more
NIKE Direct revenues increased 14%...Read more
Operating overhead expense increased primarily...Read more
Demand creation expense increased as...Read more
In connection with various contracts...Read more
Actual payments under some contracts...Read more
Changes in foreign currency exchange...Read more
Because of the uncertainty inherent...Read more
For fiscal 2023, the net...Read more
There were no outstanding net...Read more
Our primary foreign currency exposures...Read more
CURRENT ECONOMIC CONDITIONS AND MARKET...Read more
Gross margin decreased 250 basis...Read more
2023 FORM 10-K 45 We...Read more
We continue to expect funding...Read more
Comparable store sales represents a...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Nike Inc provided additional information to their SEC Filing as exhibits
Ticker: NKE
CIK: 320187
Form Type: 10-K Annual Report
Accession Number: 0000320187-23-000039
Submitted to the SEC: Thu Jul 20 2023 4:20:36 PM EST
Accepted by the SEC: Thu Jul 20 2023
Period: Wednesday, May 31, 2023
Industry: Rubber And Plastics Footwear