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Sportswear brand Nike has announced that its Q3 revenues increased 14% to $12.4bn (£10bn) for the three months ended 28 February 2023.
It stated that Nike Direct sales were $5.3bn (£4.3bn), up 17% on a reported basis and up 22% on a currency-neutral basis.
Alongside this Nike brand digital sales were reported to have increased 20%, or 24% on a currency-neutral basis.
Furthermore, its wholesale revenues grew 12% on a reported basis and 18% on a constant currency basis.
Moreover, revenues for Converse were $612m (£498m), an increase of 8% on a reported basis and 12% constant currency wise.
On the other hand diluted earnings per share for the quarter was $0.79 (£0.64), a decrease of 9%.
John Donahoe, president and CEO, said: “NIKE’s strong results in the third quarter offer continued proof of the success of our Consumer Direct Acceleration strategy. Fueled by compelling product innovation, deep relationships with consumers and a digital advantage that fuels brand momentum, our proven playbook allows us to navigate volatility as we create value and drive long-term growth.”
Matthew Friend, executive vice president and CFO, added: “NIKE’s brand distinction and strong execution continue to create separation in the marketplace. We have made tremendous progress on inventory as we position NIKE for sustainable and more profitable growth.”
