30 June, 2021 - 01 July, 2021
05 July, 2021 - 08 July, 2021
06 July, 2021 - 08 July, 2021
10 July, 2021 - 12 July, 2021
14 July, 2021 - 16 July, 2021
Ho Chi Minh City, Vietnam
The U.S. sportswear brand has published its fiscal 2021 financial results for the third quarter ended February 28, 2021, which show that despite disruption caused by the Covid-19 pandemic, revenue increased by 3% to US$10.4 billion on the prior year.
The company is down 1% on a currency-neutral basis, led by Greater China revenue growth of 51%. Direct sales were US$4 billion, up 20% on a reported basis, and up 16% on a currency-neutral basis. Brand digital sales increased 59%, or 54% on a currency-neutral basis, with strong double-digit increases in all geographies.
North America reported revenue declined 10% due to supply chain challenges, including global container shortages and U.S. port congestion, impacting the flow of inventory and timing of wholesale shipments.
Gross margin increased 130 basis points to 45.6%, driven by higher full-price product margins due in part to Geography mix, and favourable Nike Digital mix, partially offset by lower rates in Nike Direct.
Revenues for the brand were US$9.8 billion, a decrease of 2% to 2020 on a currency-neutral basis, which was partially offset by double-digit growth in Nike Brand Digital and the Jordan Brand.
Revenues for Converse were US$570 million, up 8% on a currency-neutral basis, led by strong digital performance in North America and Europe.
Net income was US$1.4 billion, up 71%.
“Nike's brand momentum is as strong as ever and we are driving focused growth against our largest opportunities”, said Matt Friend, Executive Vice President and Chief Financial Officer, Nike. “We continue to see the value of a more direct, digitally-enabled strategy, fuelling even greater potential for Nike over the long term”.