Nike advances despite high inventory levels
Athletic footwear and sportswear company Nike has reported its latest quarterly revenues for the period ended November 30.
Group revenues grew 17% year on year to $13.3 billion.
Flagship sports brand Nike took a $12.7 billion share of the total, representing a year-on-year increase of 18%, while company-owned casual shoe brand Converse generated revenues of $586 million, up 5% on the year previous.
Across the board, the group saw a 43% boost to its inventory levels versus the comparative period, which it attributed to earlier supply chain disruptions and higher input costs.
"We remain focused on what we can control," commented executive vice-president and chief financial officer at the company, Matthew Friend. Nike remains "on track" to achieve its full-year operational and financial goals for fiscal 2023, he added.
Nike’s Air Zoom Mercurial Superfly 9 Elite football boot. Credit: Nike.
