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By Ian Thomas
Nike’s digital push has helped to sustain the sportswear giant through the pandemic.
The company’s digital sales increased 84% in the second quarter of its 2021 fiscal year, marking the third-straight quarter they have increased more than 80% year-over-year. In North America, digital sales had triple-digit growth.
“Digital is the new normal in consumer behavior and we believe the trends we’re seeing are here to stay,” Nike CEO John Donahoe said on a conference call.
Nike’s Q2 Overview:
- Revenue up 9% to $11.2 billion
- Net income up 12% to $1.3 billion
- North American revenues up 1% to $4.0 billion
Foot traffic remains well below what it was last year at Nike-owned stores despite 90% of them being opened during the quarter.
Nike has looked to increase its foothold in China, where it is seeing the most growth globally. Revenue in the region was up 24% to $2.3 billion.
On Singles Day, the annual shopping holiday in China that falls on Nov. 11, Nike gained 4 million new shoppers and totalled more than $500 million in digital sales.
Nike shares are up 34.3% overall in 2020.
