Nike, an American garment and footwear corporation, announced a 16% increase in revenue to $12.2 billion in the first quarter (Q1) of FY22, which concluded on August 31, 2021, compared to the same period the previous fiscal year. Nike brand’s internet sales increased by 29 percent during the three-month period compared to Q1 FY21, led by North America.
The company’s direct sales were up 25 per cent due to the steady normalisation of owned physical retail, which grew 24 per cent, exceeding pre-pandemic levels from the first quarter of fiscal 2020. Sales in North America rose to $4.8 billion ($4.2 billion), while Europe, Middle East & Africa recorded sales of $3.3 billion ($2.9 billion) and Asia Pacific & Latin America region had $1.4 billion ($1.0 billion) sales.
Nike’s net income for Q1 increased 23 per cent to $1.8 billion, gross profit improved to $5.7 billion and the company’s market opportunity is as large as it’s ever been. CEO John Donahoe: “We have the right playbook to navigate macroeconomic dynamics, as we create value through our relentless drive to fuel the future of sport”.
