Follow us


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

Chloe Burney
30 June 2023

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."

Free NewsletterVISIT