Nike's Q3 FY22 results

24 March 2022, Mumbai:

Nike, the American sportswear behemoth, had total revenues of about US $ 11 billion in the third quarter. The company announced that its quarterly revenues were US $ 10.9 billion, up 5% from the same time a year before.

Nike's direct sales increased by 15% (on a reported basis) and 17% (on a currency-neutral basis) to a new high of US $ 4.6 billion, mainly to increase foot traffic at Nike-owned shops.

It's worth noting that Nike-owned stores saw a 14 percent increase in sales.

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While Nike's wholesale revenues fell 1% (on a reported basis) and gained 1% (on a currency-neutral basis), the company's brand digital sales increased by 19%.

In particular, Nike's digital sales increased by 33% in North America, EMEA, and APLA, offsetting a decline in Greater China.

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Nike's revenue was US $ 10.3 billion (with a good increase in EMEA), whereas Converse's was US $ 567 million (strong growth in North America and Europe).

With revenue exceeding the US $ 37.4 billion in 2020, Nike, which was founded in 1964, is the world's leading seller of sports shoes and gear.

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CREDITS: Business Today Business Wire & Apparel Resources.