Nike’s first quarter revenue increased +10% to US$9.9 billion, up +9% on a currency-neutral basis, driven by the continued success of its Consumer Direct Offense, which fuelled growth across all geographies, including wholesale and the digital platform, Nike Direct. Gross margin increased 50 basis points to 44.2% primarily due to higher average selling prices, favourable full-price sales mix and margin expansion in Nike Direct, partially offset by higher product costs.

Net income is reported to have increased 15% to US$1.1 billion driven by strong revenue growth, gross margin expansion and selling and administrative expense leverage. Diluted earnings per share increased +18% from the prior year to US$0.67; a -2.5% decline in the weighted average diluted common shares outstanding.

“We are delivering stronger global growth and profitability than we anticipated entering this fiscal year,” said Andy Campion, Executive Vice President and CEO, Nike. “While foreign exchange volatility has increased, our underlying currency-neutral momentum continues to build as we transform how Nike operates, drives growth and creates value for our shareholders.”