Nike hails ‘milestone year’ as revenues jump despite fall in margins
By Ritika Bhoora and Chloe Mills30 June 2023
Nike has reported an increase in revenues in the fourth quarter and full year ending May 2023, driven by “investment in innovation and digital leadership” as well as the success of its “top strategic partners”.
The global sportswear giant posted revenue of $51.2bn (£40.5bn) for the 12 months ending May 2023 – 10% higher than what it reported last year and 16% higher on a constant currency basis.
Nike brand sales grew 10% year on year and 16% on a constant currency basis to $48.8bn (£38.62bn), driven by double-digit growth across Nike Direct and Nike’s wholesale business.
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