(NYSE: NKE) stock hasn't been an exciting holding for investors so far in 2023. The footwear giant's stock has declined even as the S 500 rallied, leaving shareholders with lackluster returns.

But the performance of the business is another story. Nike recently closed out its fiscal 2023 year on a high note across several operating metrics. Wins here could position the company for faster, more profitable growth ahead in fiscal 2024. Let's take a closer look at that momentum, and what it could mean for the stock over the next year.

There was a lot for investors to like about Nike's fiscal fourth-quarter growth metrics. Sure, sales gains slowed to 8%, after accounting for currency exchange rate swings, down from 19% in the prior quarter. But shareholders shouldn't read too much into short-term swings like these. Stepping back, revenue rose a healthy 16% for the full fiscal 2023 year.

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Source Fool.com