Nike reports Q4 revenues rise 96%
Nike has today announced its financial results for the fiscal 2021 fourth quarter and full year ending 31 May 2021, reporting Q4 revenues of $12.3 billion, up 96% compared to prior year and increasing 21% compared to the fourth quarter of 2019.
Full year revenues at Nike also increased compared to 2020, rising 19% to $44.5 billion. Nike’s Direct sales in the fourth quarter sales increased 73% to $4.5 billion.
EMEA’s fourth quarter reported revenues increased 124%, up 21% compared to the fourth quarter of 2019, despite temporary COVID-19 related store closures throughout the quarter. As physical retail was temporarily closed, EMEA Digital fourth quarter sales increased 40%, or 170% compared to the fourth quarter of 2019.
Revenues for the Nike Brand were $11.8 billion, up 88% compared to the prior year on a currency neutral basis, driven by triple-digit growth in its wholesale business and strong growth in Nike Direct.
Revenues for Converse were $596 million, up 85% compared to 2020 on a currency-neutral basis, led by strong marketplace demand in North America and Western Europe.
John Donahoe, President & CEO at Nike, said: "Nike's strong results this quarter and full fiscal year demonstrate Nike's unique competitive advantage and deep connection with consumers all over the world. FY21 was a pivotal year for Nike as we brought our Consumer Direct Acceleration strategy to life across the marketplace. Fuelled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike's long-term growth."
Matt Friend, Executive Vice President and Chief Financial Officer at Nike, added: "Nike's brand momentum is a testament to our authentic consumer connections, digital strength and continued operational execution. As we advance our consumer-led digital transformation, we are building a new financial model that will continue to fuel long-term sustainable, profitable growth for Nike."