Published
Dec 20, 2022
Download
Download the article
Print
Text size

Nike sales surge on North America, EMEA growth; earnings flat

Published
Dec 20, 2022

Nike Inc. announced on Tuesday total revenues for the second quarter surged 17% to $13.3 billion, on the back of double-digit sales growth in North America and Europe, and in its namesake Nike brand.


Nike


 ​Analysts had expected $12.57 billion, according to IBES data from Refinitiv.

The Portland, Oregon-based company said revenues for its Nike brand were $12.7 billion, up 18% on a reported basis, with strong growth across all geographies and channels.

Revenues for Converse were $586 million, up 5%, led by double-digit growth in North America, partially offset by declines in Asia.

By region, the company's North America region surged 30% to $5.83 billion, while sales in Europe grew 11% to $3.49 billion. Asia Pacific and Latin America grew 19%, offsetting a 3% decline in Greater China revenues.

By channel, Nike direct sales were $5.4 billion, up 16% and Nike brand digital sales increased 25%. Wholesale revenues grew 19%.

​Net income for the quarter ending November 30 was $1.3 billion, flat compared to prior year, and diluted earnings per share was $0.85, increasing 2%.

"Nike's results this quarter are a testament to our deep connection with consumers," said John Donahoe, president and CEO, Nike, Inc.

“Our growth was broad-based and was driven by our expanding digital leadership and brand strength. These results give us confidence in delivering the year as our competitive advantages continue to fuel our momentum."
 

Copyright © 2024 FashionNetwork.com All rights reserved.