World Footwear

Companies

Nike reports increase in revenue

Sep 30, 2021 United States
Nike reports increase in revenue
The US-based company has announced the results for the first quarter of the current fiscal 2022. Revenue increased by 16% to 12.2 billion US dollars (up by 12% currency neutral basis)
“Nike’s strong results this quarter are continued proof of our deep consumer connections, unrelenting innovation pipeline and a digital advantage that fuels our brand momentum. We have the right playbook to navigate macroeconomic dynamics, as we create value through our relentless drive to fuel the future of sport”, declared John Donahoe, President and CEO of Nike.

Matt Friend, Executive Vice President and Chief Financial Officer of Nike added that the company is in growing mode “with a market opportunity as large as it's ever been. Our Q1 results illustrate how Nike’s Consumer Direct Acceleration strategy continues to fuel growth and transform our long-term financial model.”

First Quarter Results

During the first quarter ended on the 31st of August, the company reported an increase in revenue of 16% to 12.2 billion US dollars, as compared to the prior year; up by 12% on a currency-neutral basis.

In the first quarter of fiscal 2022, revenue for the Nike brand grew by 12% to 11.6 billion US dollars, on a currency-neutral basis, as compared to similar period the prior year, driven by Nike Direct double-digit growth across North America, APLA and EMEA. Revenue for Converse reached 629 million US dollars, up by 7% on a currency-neutral basis, led by the performance in the Direct-to-consumer business in both North America and Europe.

Overall, Nike grew across all its marketplaces channels: sales in owned physical stores rose by 24%, exceeding pre-pandemic levels from the first quarter of fiscal 2020. The Nike brand digital business kept its growth trajectory, increasing by 25%, and wholesale grew by 5%.

Gross margin increased by 170 percentage points to 46.5% in these past three months, driven by margin expansion in Nike Direct business, a higher mix of full-price sales and favourable changes in foreign currency rates, partially offset by higher product costs primarily due to increased freight costs.

In the first quarter of the current fiscal year, net income totalled 1.9 billion US dollars, up by 23%.


*APLA – Asia Pacific & Latin America
** EMEA – Europe, Middle East & Africa

 Image credits: www.communicatemagazine.com

Related Events

  • Nov
    29
    Nov 29-Dec 3, 2021 | New York, United States

    FFANY Market Week

  • Jan
    13
    Jan 13-Jan 16, 2022 | Denver, United States

    Denver International Western/English Apparel & Equipment

  • Jan
    14
    Jan 14-Jan 16, 2022 | St. Paul, Minnesota, United States

    Northwest Shoe Travelers

  • Jan
    26
    Jan 26-Jan 26, 2022 | Denver, United States

    Outdoor Retailer

Related Organizations

  • USRA - United Shoe Retailers

    USRA - United Shoe Retailers

    United States
  • The Atlanta Shoe Market

    The Atlanta Shoe Market

    United States
  • Two Ten Footwear Foundation

    Two Ten Footwear Foundation

    United States
  • NSRA - National Shoe Retailers Association

    NSRA - National Shoe Retailers Association

    United States