Nike First quarter brings further growth for Nike
Revenues for the Nike brand were up by 3% to US$12.4 billion, led by growth in EMEA, Greater China and APLA and offset by a decline in North America.
Meanwhile, Converse revenues were down 9% to US$588 million, with declines in North America offset by growth in Asia.
The company saw a decline of 2% overall in North America, bringing in US$5.4 billion in revenue. In EMEA, growth was 8% for a total of US$3.6 billion, while Greater China had an increase of 5% to US$1.74 billion. Finally, APLA grew by 2% to US$1.57 billion.
Gross profit was up by 2% to US$5.72 billion with a gross margin of 44.2%. Net income for the first quarter totalled US$1.5 billion, with a decline of 1% year-on-year.
Matthew Friend, Chief Financial Officer at Nike, said: “Our first-quarter results demonstrated the impact of staying on the offense over the past fiscal year. With a healthy marketplace and another quarter of brand and business momentum, we are strengthening our foundation for sustainable, profitable, long-term growth.”