Athletic apparel company Nike (NYSE: NKE) delivered a positive earnings report last week that beat analysts' expectations. Earnings per share of $0.95 came in higher than Wall Street's $0.75 consensus. But simply outperforming expectations doesn't mean the company is immune to the current macroeconomic conditions and it'll be smooth sailing for the business as other retailers struggle.

While the stock is down 19% year to date, here's why investors should think twice before buying the dip.

An encouraging source of growth in previous periods was Nike's digital sales numbers. For fiscal 2023, which ended May 31, the apparel company reported Nike brand digital growth of 24%. And Nike direct revenue rose 14% (or 20% when excluding the impact of foreign currency).

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Source Fool.com