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Nike has reported a 9% revenues drop to $11.3bn (£9.1bn) during the third quarter ended 28 February.
Brand revenues were $10.9bn (£8.4bn), down 9% on a reported basis and down 6% on a currency-neutral basis, driven by declines across all geographies.
Meanwhile, direct revenues dropped 12% to $4.7bn (£3.8bn) on a reported basis and down 10% on a currency-neutral basis.
The brand said that the decrease was due primarily to a 15% drop in Nike Brand Digital and a 2% decrease in Nike-owned stores.
Wholesale revenues also dropped to $6.2bn (£4.7bn), down 7% on a reported basis and 4% on a currency-neutral basis. Revenues for Converse were particularly hit with an 18% decrease to $405m (£312m) during the period.
Regionally, North America, the brand’s largest market, reported a 4% revenue drop to $4.8bn (£3.7bn), while EMEA revenues also decreased by 10% to $2.8bn (£2.1bn).
However, greater China was the market that suffered the most, with a 17% revenue drop to $1.7bn (£1.3bn).
Elliott Hill, president and CEO of Nike, said: “The progress we made against the ‘Win Now’ strategic priorities we committed to 90 days ago reinforces my confidence that we are on the right path. What’s encouraging is Nike made an impact this quarter leading with sport – through athlete storytelling, performance products and big sport moments.”
Matthew Friend, executive vice president and chief financial officer of Nike, added: “Our outlook for the second half of fiscal 2025 driven by our ‘Win Now’ actions remains consistent with what we communicated last quarter. The operating environment is dynamic, but what matters most for Nike is serving athletes with new product innovation and re-igniting brand momentum through sport.”
