Nike’s revenue up 7% in first fiscal quarter

Worldwide
Published:  30 September, 2019

Revenue for the global sportswear manufacturer increased 7% on a reported basis to US$10.7 in its first fiscal quarter, and up 10% on a currency-neutral basis, driven by growth across all geographies.

Revenues for the Nike Brand were US$10.1 billion in the quarter, up 10% on a currency-neutral basis, driven by growth across Nike Direct and wholesale, and continued growth across footwear and apparel. Revenues for Converse totalled US$555 million (+8%), mainly driven by double-digit growth in Asia and through digital globally, which was partially offset by declines in the U.S. Net income for the Group increased 25% to US$1.4 billion, driven primarily by strong revenue growth and gross margin expansion while diluted earnings per share increased 28% to US$0.86, reflecting a 2% decline in the weighted average diluted common shares outstanding, according to Nike.

Nike said it repurchased 11.9 million shares during the first quarter for approximately US$995 million as part of the four-year, US$15 billion programme approved by the Board of Directors in June 2018.