Strong digital growth for Nike in first quarter

Worldwide
Published:  03 October, 2022
Credit: Viktoriia Kokhanevych/Shutterstock.com

Nike has reported its financial results for the first quarter of the 2023 fiscal year, with digital growth a standout success.

First quarter reported revenues for the company were US$12.7 billion, an increase of 4% over the same period in the 2022 financial year. Revenues for the Nike brand were US$12 billion, up 4% on a reported basis, while Converse revenues were US$643 million, up 2%.

Meanwhile, Nike Brand Digital Sales saw a significant increase of 16% on a reported basis, with a 46% increase in the EMEA region and double-digit growth in North America and APLA, offset by declines in Greater China.

Nike Direct sales came in at US$5.1 billion for the period, with an increase year-on-year of 8%. Meanwhile, wholesale revenues increased by just 1% during the first quarter. Net income for the period was US$1.5 billion, down 22%.

“Nike's first-quarter results set the foundation for another year of strong growth,” said Matthew Friend, Executive Vice President and Chief Financial Officer.