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Nike's first quarter digital sales up by 82%

Oct 1, 2020 United States
Nike's first quarter digital sales up by 82%
Nike’s revenue in the first quarter decreased by 1% totalling 10.6 billion US dollars and was flat to prior year on a currency-neutral basis. The sportswear giant reported first quarter digital sales growing by 82%
“Our results this quarter continue to demonstrate Nike’s full competitive advantage, as we strengthen our position in the midst of disruption. In this dynamic environment, no one can match our pace of launching innovative product and our Brand’s deep connection to consumers. These strengths, coupled with our digital acceleration, are unlocking Nike’s long-term market potential”, commented John Donahoe, President and CEO, Nike, Inc.

Nike’s revenue in the first quarter decreased by 1% totalling 10.6 billion US dollars and was flat to prior year on a currency-neutral basis. Revenue for the Nike brand was 10.0 billion US dollars, flat to prior year on a currency-neutral basis driven by double-digit growth in Nike Direct, as well as growth in Sportswear and the Jordan Brand, offset by declines in our wholesale business. Revenue for Converse reached 563 million US dollars, up by 2% on a currency-neutral basis, mainly driven by strong demand in Europe and in digital, globally.

Nike’s digital sales increased by 82% in its fiscal quarter, including double-digit growth North America, Greater China and APLA, and triple-digit growth in EMEA.

“Our first quarter revenue performance was impacted by strong Nike Brand digital growth of 82%, offset by lower revenue in our wholesale business and Nike-owned stores. Nearly all of the Nike-owned physical doors were open during the quarter across North America, EMEA and Greater China with approximately 90% of doors open in APLA. However, despite a majority of stores open in the quarter, we continue to experience year-over-year declines in physical retail traffic across the marketplace due to COVID-19 impacts and safety related measures, offset partially by higher conversion rates. EMEA returned to growth of 5% on a reported basis, led by triple-digit growth in digital. Greater China revenue increased by 6 percent on a reported basis and 8 percent on a currency-neutral basis, led by digital and NIKE Factory Stores”, Nike stated.

Net income for the period totalled 1.5 billion US dollars, up by 11% as lower selling and administrative expense more than offset lower gross margin and revenue and diluted earnings per share was 0.95 US dollars, increasing by 10%.

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