's (NYSE: NKE) fiscal 2023 third-quarter financial results showed revenue of $12.4 billion (up 14%) and diluted earnings per share of $0.79 (down 9%). Both of these headline figures exceeded Wall Street analyst estimates. This was an especially good showing given how difficult the operating environment has been over the past year or so.
But what does this mean for investors? Should you buy, sell, or hold Nike shares right now? To find the answer, let's dive a bit deeper into this top apparel stock.
To be clear, it was a positive sign for shareholders when they learned that Nike beat estimates. However, it wasn't all good news. The business has been dealing with ongoing inventory issues ever since supply chain bottlenecks rattled global supply chains. As of Feb. 28, Nike's inventory balance of $8.9 billion was up 16% year over year. This was lower than just three months earlier, but it's not where management wants it to be.
Source Fool.com