Nike Net income grows for Nike in full 2024 results
Full-year revenues for the Nike brand totalled US$49.3 billion, up by 1% both reported and currency-neutral, with growth in Greater China and APLA offset by a decline in North America.
Nike Direct revenues were up 1% to US$21.5 billion, driven by growth in Nike-owned stores of 6%. Wholesale revenues were up 1% on a reported basis to US$27.8 billion.
The Converse brand was down 14% reported to US$2.1 billion, primarily due to drops in North America and Western Europe. Net income for the 2024 fiscal year was up 12% year-on-year to US$5.7 billion.
In the fourth quarter of the year, total revenues were down 1% on a reported basis to US$12.1 billion, but up 1% on a currency-neutral basis. The company had currency-neutral growth in Greater China, APLA and EMEA, partially offset by a decline in North America.
Nike Direct revenues were down 8% reported to US$5.1 billion, while wholesale revenues grew 5% to US$7.1 billion. Converse had revenues of US$480 million, a decline of 18% year-on-year. Net income for the quarter was up 45% to US$1.5 billion.
Chief Financial Officer Matthew Friend said: “We are driving better balance across our portfolio. While we are encouraged by our progress, our fourth quarter results highlighted challenges that have led us to update our fiscal 2025 outlook. We are taking actions to reposition Nike to be more competitive, and to drive sustainable, profitable long-term growth.”
Credit: Nike