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Clothing & Shoes

Nike Q1 revenues climb 16% to £8.9bn

The global retailer also revealed that net income climbed 23% to $1.87bn (£1.36bn) in the three-month period ended 31 August 2021, compared with $1.52bn (£1.11bn) the previous year

Nike has announced that group revenues increased 16% year-on-year to $12.2bn (£8.9bn) in Q1 FY22.

The global retailer also revealed that net income climbed 23% to $1.87bn (£1.36bn) in the three-month period ended 31 August 2021, compared with $1.52bn (£1.11bn) the previous year.

Revenues at the group’s EMEA and North American operations grew 14% and 15% year-on-year respectively, while its Asia Pacific and Latin American arms soared 45% in the same period.

Moreover, the firm experienced a 25% Nike direct growth, with its owned physical retail department exceeding pre-pandemic levels of Q1 FY20.

John Donahoe, president and CEO at the company, said: “Nike’s strong results this quarter are continued proof of our deep consumer connections, unrelenting innovation pipeline and a digital advantage that fuels our brand momentum.

“We have the right playbook to navigate macroeconomic dynamics, as we create value through our relentless drive to fuel the future of sport.”

Matt Friend, executive VP and CFO at Nike, added: “Nike is a growth company with a market opportunity as large as it’s ever been.

“Our Q1 results illustrate how Nike’s consumer direct acceleration strategy continues to fuel growth and transform our long-term financial model.”

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