Nike with another strong quarter
Revenue increased to 10.7 billion US dollars in the first quarter, up by 7% on a reported basis and up by 10% on a currency-neutral basis, driven by growth across all geographies
"Our strong start to FY20 highlighted the depth and balance of Nike’s complete offense”, commented Mark Parker, Chairman, President and CEO, adding: “Nike’s strong product innovation, combined with our industry-leading digital experiences, continue to deepen our consumer relationships around the world".
Revenue for Nike increased by 7% to 10.7 billion US dollars, up by 10% on a currency-neutral basis.
First Quarter Review
Revenue for the Nike brand totalled 10.1 billion US dollars, up by 10% on a currency-neutral basis driven by growth across Nike Direct and wholesale, key categories including Sportswear and the Jordan Brand, and continued growth across footwear and apparel.
Revenue for the Converse brand totalled 555 million US dollars, up by 8% on a currency-neutral basis, mainly driven by double-digit growth in Asia and through digital globally, which was partially offset by declines in the US.
In the period under analysis, net income increased by 25% to 1.4 billion US dollars driven primarily by strong revenue growth and gross margin expansion while diluted earnings per share increased by 28% to 0.86 US dollars reflecting a 2% decline in the weighted average diluted common shares outstanding.
“Our targeted strategic investments are accelerating Nike’s digital transformation and extending our competitive advantage”, stated Andy Campion, Executive Vice President and Chief Financial Officer. “Even amidst the increasingly volatile macroeconomic and geopolitical environment, we expect our unrelenting focus on better serving the consumer to continue fuelling strong, broad-based growth across our global portfolio", he concluded.
Image credits: Nike
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