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Nike Q4 revenues surge 96% to £8.85bn

The spike in Q4 revenues contributed to a 19% year-on-year rise to Nike’s full year revenues, up from $37.4bn (£26.9bn) in FY20 to $44.5bn (£32bn) this year

Nike saw its revenues spike 96% year-on-year to $12.3bn (£8.85bn) for the three months ended 31 May 2021.

The group also saw a return to net profits of $1.51bn (£1.09bn) in the quarter, up from its $780m (£561m) net losses seen in Q4 FY20.

The surge in Q4 revenues contributed to a 19% year-on-year rise to Nike’s full year revenues, up from $37.4bn (£26.9bn) in FY20 to $44.5bn (£32bn) this year.

Moreover, its $5.73bn (£4.12bn) of net income gained during FY21 represented a 126% climb from the $2.54bn (£1.83bn) seen in the previous year.

Nike claimed that the return to growth was forged by the annual comparison to FY20’s physical retail closures throughout North America, EMEA, and APLA.

However, the group also revealed that following the reopening of physical retail in Q4 its Nike digital brand’s revenue grew 41% year-on-year and 147% when compared to Q4 FY19.

John Donahoe, president and CEO at Nike, said: “Nike’s strong results this quarter and full fiscal year demonstrate Nike’s unique competitive advantage and deep connection with consumers all over the world

“Fueled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike’s long-term growth.” 

Some 99% of the group’s physical stores in EMEA are currently trading or operating on reduced hours, contributing to a 21% rise in revenues for the quarter in the region when compared to 2019.

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