Nike recorded a strong uplift in its third-quarter sales across the US and Europe, aided by a “steady normalisation of traffic” to its own-brand stores.
Nike reported a 5% rise in third-quarter revenue to $10.9bn (£8.2bn) year on year, up 8% on a constant currency basis.
The sportswear titan said sales through its direct-to-consumer arm rose 15% year on year, up 17% in constant currency terms to $4.6bn (£3.5bn), aided by “the steady normalisation of traffic in owned physical retail”. Sales across Nike’s store network rose 14% year on year.
Online sales increased 19% year on year, up 22% in constant currency terms, and driven by a 33% spike in sales across North America.
Online sales also registered double-digit growth across Europe, Asia and Latin America, partially offset by sales declines in Greater China.
Nike’s gross margin increased 100 basis points during the period to 47%, which the brand attributed to the expansion of its direct-to-consumer arm and a higher mix of full-price sales overall.
President and CEO John Donahoe said: “Nike’s strong results this quarter show that our consumer direct acceleration strategy is working, as we invest to achieve our growth opportunities.
“Fuelled by deep consumer connections, compelling product innovation and an expanding digital advantage, we have the right playbook to navigate volatility and create value through our relentless drive to serve the future of sport.”
- Sign up for our daily morning briefing to get the latest retail news and analysis
Related Companies
- Previous
- Next
No comments yet