Nike posts £8.26 billion in Q3 revenues amid Russia uncertainty
Nike has announced its financial results for the Q3 of fiscal year 2022, reporting revenues of £8.26 billion, up 5% compared to the prior year.
The financial period, ending 28 February 2022, saw Nike's direct sales reach £3.4 billion, rising 15% on a reported basis and up 8% on a currency-neutral basis.
The sportswear brand's digital sales increased 19%, led by a 33% growth in North America. Gross margin increased 100 basis points to 46.6%.
Second Quarter revenues were flat on a currency-neutral basis as the group continues to manage the ongoing impact of supply chain challenges across the marketplace. Revenues in Greater China and APLA declined, largely due to lower levels of available inventory resulting from COVID-19 related factory closures.
John Donahoe, President and CEO, Nike, Inc said: "Nike's strong results this quarter show that our Consumer Direct Acceleration strategy is working, as we invest to achieve our growth opportunities. Fuelled by deep consumer connections, compelling product innovation and an expanding digital advantage, we have the right playbook to navigate volatility and create value through our relentless drive to serve the future of sport."
Matt Friend, Executive Vice President and Chief Financial Officer, Nike, Inc. added: "Our third quarter results demonstrate NIKE’s ability to navigate through volatility, while continuing to serve consumers directly and digitally, at scale. Marketplace demand continues to significantly exceed available inventory supply, with a healthy pull market across our geographies."