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Tuesday, April 16, 2024
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Nike Dominates Q4 with $12.3B in Revenue

  • Nike reported a strong fiscal Q4.
  • The retailer generated $12.3 billion in revenue.
Nike/Design: Alex Brooks

The world’s largest athletic footwear and apparel merchant reigns supreme. 

Nike reported $12.3 billion in revenue for its fiscal fourth quarter, a 96% increase year-over-year. The retailer beat Wall Street estimates of $11.8 billion. 

The strong quarter was in part fueled by increased shipments to reopening brick-and-mortar stores — Dick’s Sporting Goods, Foot Locker, and JD Sports are key partners. 

Nike’s membership model is also thriving. With more than 300 million members globally, online purchases from members hit a record $3 billion during the quarter. Overall, the Swoosh’s digital sales were up 41% compared to the prior year.

North America continues to be Nike’s biggest market and sales more than doubled there, hitting a record $5.38 billion. 

Despite the growth, Nike’s athlete roster sustained a couple blows during quarter:

  • In April, four-time Olympic gold medalist Simone Biles left Nike for Athleta, a Gap-owned brand that designs activewear for women and girls.
  • The same month, Kobe Bryant and his estate’s contractual relationship with Nike ended on contentious terms. He had been with the company since 2003.

Still, Nike’s full-year revenue reached $44.5 billion in 2021, a 19% uptick compared to FY2020.

The threat of Chinese boycotts over Nike’s stand against the alleged mistreatment of Muslim Uyghurs in the country’s Xinjiang region had no material impact, either. Nike’s sales in China rose 17% to $1.93 billion.

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