Nike has published its finances for the first quarter of fiscal 2024, revealing revenues were up by 2 per cent year-on-year to US $ 12.9 billion.
Revenues for the Nike brand increased by 3 per cent to US $ 12.4 billion for the first quarter ended on 31st August 2023, while Converse decreased by 9 per cent to US $ 588 million. The drop in North America, slightly offset by growth in Asia, was the cause of Converse’s decline.
Nike Direct’s revenues of US $ 5.4 billion were up 6 per cent from the previous year, while digital sales of the Nike brand climbed by 2 per cent. The gross margin dropped 10 basis points to 44.2 per cent, but wholesale revenues stayed constant at US $ 7 billion.
John Donahoe, President and CEO at Nike, commented, “Q1 offered proof of what Nike can deliver when we connect great innovation, great storytelling and great marketplace experiences to consumers.”
Matthew Friend, Executive Vice President and Chief Financial Officer at Nike, added, “Our first-quarter results demonstrated the impact of staying on the offence over the past fiscal year.”
