Nike first quarter digital sales up by 82%
Nike’s digital sales increased 82% in its fiscal quarter, according to financial results just published. This included double-digit growth North America, Greater China and APLA, as well as triple-digit growth in EMEA.
Reported revenues for the quarter ending August 31 were down 1% to $10.6 billion, compared with last year’s same period, while direct sales were up 12% to $3.7 billion.
The company said its first quarter revenue performance was impacted by the strong digital growth, offset by lower revenue in wholesale business and Nike-owned stores. Most of the brand’s physical stores were open during the quarter across its major markets, but declines in year-over-year physical traffic continue.
The boost in online sales is due to the company’s investment in digital, said Nike president and CEO, John Donahoe, as well as maintaining a pace that “no one can match” for launching new product.
“Nike is recovering faster based on accelerating brand momentum and digital growth, as well as our relentless focus on normalising marketplace supply and demand,” said Matt Friend, executive vice president and chief financial officer. “We continue to drive investment in capabilities that will fuel our consumer-led digital transformation, catalysing long-term growth and profitability.”
Image: Nike world headquarters in Beaverton, Oregon.
