Nike, Inc. announced fourth-quarter revenues of $12.33 billion, a 96 percent increase over the previous year. Revenues for the fiscal year totaled 44.5 billion dollars, a 19% increase from the previous year. Gross margin grew 850 basis points to 45.8 percent for the quarter, while diluted profits per share were 93 cents.
Nike’s fourth-quarter performance highlights
Nike, Inc.’s revenue increased by 88 percent on a currency-neutral basis, owing primarily to the resumption of company operations following the effect of Covid-19 in the previous year. Nike Direct’s strong double-digit growth and the company’s wholesale division both contributed to revenue growth. North America generated record fourth-quarter revenues, up 141 percent on a reported basis.
Revenues in EMEA rose by 124%, or 21%, compared to the fourth quarter of 2019, while digital sales increased by 40%, or 170 percent, compared to the fourth quarter of 2019.
Converse’s revenue was $596 million, up 85 percent on a currency-neutral basis, driven by robust market demand in North America and Western Europe.
Net income was 1.5 billion dollars for the quarter, with diluted earnings per share of 93 cents, compared to a net loss of 790 million dollars and a net loss per share of 51 cents in fiscal year 2020.
Nike’s fiscal 2021 financial results are being reviewed
Nike, Inc.’s revenue grew 17 percent on a currency-neutral basis in 2021. Nike brand revenue was 42.3 billion dollars, up 17 percent on a currency-neutral basis, driven by growth in Nike Direct and wholesale, double-digit growth in footwear and clothing, led by sportswear and the Jordan brand.
Nike Direct sales was 16.4 billion dollars, up 32% or 30% on a currency-neutral basis, driven by significant growth in the company’s digital division. Despite temporary shop closures across the marketplace as a result of Covid-19, comparable store sales increased by 4%. Converse’s sales were 2.2 billion dollars, while its net income was 5.7 billion dollars. The diluted profits per share were $3.56. The gross margin rose by 140 basis points to 44.8 percent.
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