US sportswear brand, Nike announces a net income of US $1.4bn for three months, which ended on 28th February. US sportswear giant Nike has reported third-quarter revenues of the US $10.9 billion, up to five percent year-over-year (YoY). Nike revenues in 2022 climb 5% to the US $10.9bn for the third quarter.
Key takeaways
- Net income for the three months ended 28th February 2022 was US$1.4 billion, down 4% YoY.
- North America revenue up 9%, while Greater China falls 5% YoY
- Nike’s direct sales platform sees sales grow 15% to US$4.6bn
- Nike’s direct sales platform, saw its sales rise 15% YoY to the US $4.6 billion.
Revenues for the Nike brand were the US $10.3 billion, up 8% compared to the prior year, led by 13% growth in Europe, the Middle East, and Africa.
Revenues for the Converse brand were the US $567 million, down 1% YoY, where it performed well in North America and Europe, though this was offset by declines in Asia.
Per region, revenue in North America rose 9% YoY to US$3.9 billion. EMEA climbed seven percent to US$2.8 billion. Although China was down 5% to US$2.2 billion. The Asia Pacific and Latin America increased 11% to US$1.5 billion.
- Puma To Replace Nike As Serie A Official Match Ball Supplier From 2022
Earlier this month, Nike suspended its operations in Russia. They joined several other Western companies that have clamped down on the country amid its invasion of Ukraine.
Remarks over Nike’s Growth via President and VP of company
Nike president and chief executive Said: “Nike’s strong results this quarter show that our consumer-direct acceleration strategy is working. As we invest to achieve our growth opportunities,”.
Matt Friend, executive vice president, and chief financial officer at Nike, added: “Our third-quarter results demonstrate Nike’s ability to navigate through volatility. Meanwhile continuing to serve consumers directly and digitally, at scale“.
Nike revenue climbs 5% to US$10.9bn for Q3 2022