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Tuesday, May 21, 2024

Nike’s Revenue Jumps 17%, But Inventory Up 43%

  • Nike reported $13.3 billion in second-quarter revenue, a 17% year-over-year increase.
  • Nike's net income was flat compared to the year prior at $1.3 billion.
Exterior of Nike Company Store
Kirby Lee-USA TODAY Sports

Nike reported $13.3 billion in second-quarter revenue, a 17% increase from the same period last year and beating analysts’ estimates of $12.57 billion.

But the sportswear and shoe giant’s net income was flat compared to the year prior at $1.3 billion.

Revenues for the Nike brand increased 18% year-over-year to $12.7 billion, while revenues for the Converse brand grew 5% to $586 million.

  • Revenue in North America increased 30% to $5.8 billion.
  • Sales in Greater China declined 3% to $1.8 billion.
  • In Europe, the Middle East, and Africa, revenue increased 11% to $3.5 billion.
  • Sales in Asia Pacific and Latin America jumped 19% to $1.6 billion.

Inventories were $9.3 billion, up 43% compared to last year, primarily attributed to “an increase in units from lapping prior year supply chains disruption, as well as higher input costs.” In North America alone, the company’s inventory had grown 65% over the last year.

Nike Allegations

Ahead of Nike’s earnings report on Tuesday, Business Insider published a report detailing results from 10 surveys previously taken by Nike employees included in an ongoing gender-discrimination lawsuit against Nike.

The surveys, which contain allegations of sexual and verbal harassment, were given to Mark Parker — Nike’s CEO at the time — on March 5, 2018. Nike went through a management reshuffle, and at least 11 executives left the company after Parker received the surveys.

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