US sportswear giant Nike has reported revenues of US$12.4 billion for the third fiscal quarter of the 2023, marking a 14 per cent year-over-year (YoY) increase.
Confirmed:
- Revenue was up 19 per cent on a currency neutral basis
- Direct sales rose by 17 per cent to reach US$5.3 billion for the three-month period ending on 28th February
- Digital sales increase 20 per cent on a reported basis, or 24 per cent on a currency neutral basis
- Wholesale revenues saw a 12 per cent reported increase and 18 per cent currency neutral hike
- Nike chief executive credits ‘consumer direct acceleration strategy’ for latest results
Context:
The latest results see Nike continue to put together strong financial figures for the 2023 financial year. The Oregon-based sports brand reported revenue of US$13.3 billion for the second fiscal quarter, up 17 per cent on 2022.
Comment:
“Nike’s strong results in the third quarter offer continued proof of the success of our consumer direct acceleration strategy,” said John Donahoe, Nike’s president and chief executive. “Fueled by compelling product innovation, deep relationships with consumers and a digital advantage that fuels brand momentum, our proven playbook allows us to navigate volatility as we create value and drive long-term growth.”
Coming next:
After bringing in US$46.7 billion in revenue for the 2022 financial year, Nike is expcted to continue seeing an upward tick in revenue figures, with Forbes projecting the company to deliver US$50.3 billion total revenue for 2023, which would mark an eight per cent YoY increase.
