16 December, 2021 - 16 December, 2021
15 January, 2022 - 18 January, 2022
Riva del Garda, Italy
20 January, 2022 - 22 January, 2022
26 January, 2022 - 27 January, 2022
New York, U.S.
01 February, 2022 - 03 February, 2022
The U.S. sportswear brand has published its fiscal 2021 financial results for the fourth quarter and full year ended May 31, reporting fourth quarter revenues of US$12.3 billion, up 96% year-on-year and increasing 21% compared to the fourth quarter of 2019.
Revenues for the Nike brand were US$11.8 billion, up 88% to prior year on a currency-neutral basis, driven by triple-digit growth in wholesale business and strong double-digit growth in Nike Direct. Revenues for Converse were US$596 million, up 85% on a currency-neutral basis, led by strong marketplace demand in North America and Western Europe.
Gross margin increased to 45.8%, primarily due to annualising the impacts of Covid-19 including lower factory cancellation charges, lower inventory obsolescence reserves as well as the favourable rate impact of supply chain fixed costs on a higher volume of wholesale shipments. The increase in gross margin also reflects favourable margins in the Nike Direct business.
Net income was US$1.5 billion, and Diluted earnings per share was US$0.93 compared to a net loss for the fourth quarter of 2020 of US$790 million and a net loss per share of US$0.51.
Revenues for the Nike brand were US$42.3 billion, up 17% on a currency-neutral basis, driven by growth across Nike Direct and wholesale, double-digit growth across footwear and apparel, with growth led by Sportswear and the Jordan Brand.
Nike Direct revenues were US$16.4 billion, up 32%, or 30% on a currency-neutral basis, led by 64%, or 60% on a currency-neutral basis, growth in Nike Brand Digital, with all geographies growing strong double-digits. Despite temporary store closures across the marketplace due to Covid-19, comparable store sales grew 4%.
Revenues for Converse were US$2.2 billion, up 16% on a currency-neutral basis, led by strong double-digit sales growth in digital business.
Net income was US$5.7 billion, and Diluted earnings per share was $3.56, up 123%.