Nike has revealed its latest set of financial results, having surpassed all expectations for the fiscal year 2023.

The Swoosh reported that Q4 revenue was up 5% YoY, totalling 12.8 billion. This beat the brand's previous estimates for the quarter, where the Swoosh had provided guidelines of flat to low single digits. It also surpassed analysts' expectations, as this figure sat at around $12.59 billion. There was however, a drop in net income, meaning that earnings were down 27% YoY, as the net income figure dropped 28% to $1 billion.

Full year revenues also surpassed expectations, as the Beaverton brand's figures grew 10% over the 12 months, coming in at $51.2 billion. Once again, a drop in net income led to a drop in earnings - a loss of 16% in income diluted earnings per share to $3.32, a 14% drop.

Inventory was a key concern for both the brand and analysts. This remained flat as some of Nike's key retailers renewed their partnerships. Inflation also began to take its toll in Q4, as higher freight and logistics costs set in, and exchange rates caused further turbulance. As the cost-of-living crisis continued to plague the sneaker scene, Nike was also subject to a more aggressive markdown strategy that further impacted its profits.

Speaking on the results, Nike CEO and president John Donahoe said: "Our investment in innovation and our digital leadership are fueling broad-based growth across our portfolio of brands, as we create value by serving the future of sport."

The report went on to reveal that Nike's Q4 brand revenue grew 5 percent to $12.2 billion, while Nike Direct revenues were up 15 percent to $5.5 billion. Q4 Wholesale revenues did slip by 2%, coming in at $6.7 billion.

Going into the year ahead, the brand has shaken up its leadership team in response to 'stale product offerings', and is rumoured to be reintroducing Kobe Bryant's basketball line.

In other Nike news, the brand is reportedly ending its partnership with CLOT.