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Monday, May 20, 2024

Nike Posts $11.4B in Q2 Revenue

Nike
Nike/Design: Alex Brooks

Nike reported $11.4 billion in second-quarter revenue on Monday, beating analysts’ estimates of $11.25 billion. 

Of its total revenue, Nike’s brand revenue accounted for $10.8 billion, with Converse revenue growing 16% to $557 million.

Digital sales were up 12% year-over-year, jumping 40% in North America. Nike’s footwear division recorded $6.8 billion in revenue, apparel reached $2.6 billion, and equipment hit $382 million.

The company’s revenue in China and APLA (Asia Pacific and Latin America) declined, reportedly due to smaller inventories caused by factory closures during the pandemic.

The retailer launched a number of initiatives during the quarter.

  • It announcedMind Sets,” a program aimed at helping users prioritize their mental health.
  • Following the reopening of its subcontractors, a Vietnamese government website said Nike plans to invest further in the country’s production.
  • The company unveiled a partnership with Dick’s Sporting Goods, linking the pair’s membership programs and eventually offering in-person workouts.
  • Nike filed a trademark hinting at metaverse sneakers.

What’s Next?

President and CEO John Donahoe said the company is “in a much stronger position today than we were 18 months ago.”

While still facing supply chain issues, Nike has already been busy in Q3. In just the last month, Nike asked the International Trade Commission to block imports of Adidas shoes for allegedly copying Nike’s technology, announced a full review of its media accounts, and acquired NFT producer RTFKT.

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