Nike posts fiscal 2024 first quarter results

SAN FRANCISCO, Sept. 28 (Xinhua) — Nike, Inc. announced its first quarter fiscal 2024 financial results for the period ending Aug. 31, 2023.

In the first quarter, Nike’s revenues reached $12.9 billion, showing a 2 percent increase compared to the previous year on both reported and currency-neutral basis.

Nike Direct revenues, amounting to $5.4 billion, experienced a 6 percent growth compared to the prior year on both reported and currency-neutral basis, with growth across all geographies.

Sales of Nike Brand Digital rose 2 percent on both reported and currency-neutral basis.

Wholesale revenues remained flat at $7.0 billion compared to the previous year on a reported basis and increased by 1 percent on a currency-neutral basis.

The company’s gross margin declined by 10 basis points to 44.2 percent.

The first quarter’s diluted earnings per share for Nike amounted to $0.94, indicating a 1 percent increase according to the athletic apparel manufacturer.

“Moving forward, we are focused on scaling these successes consistently and quickly as we continue to streamline and integrate our business,” stated Nike’s President & CEO, John Donahoe.

“Our first-quarter results reflect the impact of our offensive strategy over the past fiscal year. With a healthy marketplace and continued brand and business momentum, we are strengthening our foundation for sustainable, profitable, long-term growth,” said Matthew Friend, Nike’s Executive Vice President & Chief Financial Officer.