Nike reports “strong results” thanks to “healthy marketplace”

Sports giant Nike reported that full year revenues for the Nike Brand, Nike Direct and Converse were up by 10% to £40.5 billion ($51.2 billion) for the full year ending 31 May 2023.

For the fourth quarter, Nike saw impressive revenues up by 5% to £10.5 billion ($12.8 billion), driven by global growth across all brands, channels and geographies.

Further fourth quarter results were as follows:

• Nike Direct revenues were up 15% to £4.3 billion ($5.5 billion), led by Nike-owned stores growth of 24% and Nike brand digital growth of 14%.
• As for the Nike brand, revenues were also up by 5% to £9.7 billion ($12.2 billion).
• Revenues for Converse stood at a flat rate, dropping by 1% to £464 million ($586 million), led by double-digit growth in Asia, offset by declines in Europe.
• Net income was down by 28% to £790 million ($1 billion).

As for fiscal 2023, Nike’s revenues increased 10% to £40.6 billion ($51.2 billion), up 16% on a currency-neutral basis.

Further fiscal year 2023 results were as follows:

• Revenues for the Nike Brand were up by 10% to £38.7 billion ($48.8 billion), driven by double-digit growth across Nike Direct and our wholesale business.
• Nike Direct revenues were up by 14% to £16.8 billion ($21.3 billion), led by Nike Brand digital growth of 24% and Nike-owned stores growth of 14%.
• Revenues for Converse were up by 3% to £1.9 billion ($2.4 billion), led by double-digit growth in North America, partially offset by declines in Asia.
• Net income was down 16% to £4 billion ($5.1 billion).

John Donahoe, President & CEO at Nike, commented: "Nike’s strong results make clear that our strategy is working.

"FY23 was a milestone year for Nike as our unique advantages continue to drive competitive separation. Our investment in innovation and our digital leadership are fueling broad-based growth across our portfolio of brands, as we create value by serving the future of sport."

Matthew Friend, Executive Vice President and Chief Financial Officer, added: "FY23 demonstrated the power of Nike’s portfolio to fuel strong growth, year after year. We finished the year with mid-teens currency-neutral revenue growth and a healthy marketplace — setting the foundation for sustainable, profitable growth in FY24 and beyond."