Nike, the American sportswear retailer, has come out with its Q3 results!
The retailer has seen its reported revenue rise by 3 per cent to post US $ 10.4 billion for the quarter that ended 28 February 2021.
However, it fell by 1 per cent on a currency neutral basis.
The rise of 3 per cent is being attributed to a whopping 51 per cent jump in sales in Greater China. The growth was good enough to offset a fall of 10 per cent in reported revenue in North America.
The fall in North America’s reported revenues were due to challenges in the supply chain that included shortage of containers worldwide and port congestion across the US.
The year-on-year (Y-o-Y) gross profit for the third quarter rose by 5 per cent to clock US $ 4.7 billion.
Besides the impressive performance in China, e-commerce growth too helped increase the reported revenue for the retailer. The e-commerce sales rose by 59 per cent (54 per cent on a currency-neutral basis).
Expressing optimism and delight, Matt Friend, Executive Vice President and CFO, Nike, said that Nike’s brand momentum is as robust as ever and the brand will continue driving focused growth against its largest opportunities.
Nike is known for its apparels, footwear and fashion accessories, amongst others. It generated revenue of US $ 37.40 billion in 2020.
