Nike, Inc. has released its fiscal 2020 financial results for the third quarter, ending 29 February 2020, as the company reports that revenues rose 7% on a currency-neutral basis.
Digital sales at Nike were globally up 36% compared to the same period in 2019, indicating the rise in the necessity for online orders around the Christmas period and spread of COVID-19.
Revenues for Nike increased, totally £8.7billion ($10.1billion), driven by growth in Nike Direct and growth in wholesale, and continued growth across footwear and apparel overall.
Nike reported a strong growth across Europe, Middle East, and North America, offset by the impact of COVID-19 on business in Greater China. Digital sales in Greater China increased more than 30%, while store retail sales were impacted by temporary store closures. The same pattern is expected to be reflected in the next quarter across Europe and North America.
John Donahoe, President and CEO, Nike, said: “In an extraordinarily dynamic time, Nike’s strong results are testament to our deep consumer connections, compelling product innovation and agile teams around the world. We know it’s in times like these that strong brands get even stronger.”
“As we start to see recovery in China, no one is better equipped than Nike to navigate the current climate.“
Andy Campion, Executive Vice President and Chief Financial Officer, added: “Amidst the dynamics that all are facing, we are executing against an operational playbook that will expedite Nike’s return to profitable, capital efficient growth leveraging our strong financial position, the strongest partnerships across the value chain in our industry, and our leading digital capabilities.”