, APAC
Source: NIKE

Nike’s net income stumbles 22% in Q1 2023

Its net income stood at $1.46b in the three months ending in August 2022.

Nike’s net income dropped by 22% to $1.46b in the first quarter of its 2023 financial year, down from $1.87b in the previous year. 

Over the same period, Nike recorded a 4% year-on-year revenue growth to $12.68b, up from $12.24b.

"Our strong start to FY23 highlights the depth and breadth of NIKE’s global portfolio, as we continue to manage through volatility,” John Donahoe, President, and CEO, NIKE, Inc., said. 

“Our competitive advantages, including the strength of our brand, deep consumer connections, and pipeline of an innovative product, continue to prove that our strategy is working. We expect our unrelenting focus on better serving the consumer to continue to fuel growth and create value like only NIKE can."

Read more: NIKE net income slips by 5% in Q4

The NIKE Brand recorded a revenue of $12b, up 4% on a reported basis and up 10% on a currency-neutral basis, led by double-digit currency-neutral growth in North America, Europe,  the Middle East, and  Africa, and Asia-Pacific and Latin America. This was, however, offset in part by declines in Greater China.

Moreover, revenues for Converse stood at $643m, up 2% on a reported basis and up 8% on a currency-neutral basis. This was led by double-digit growth in North America and Europe, partially offset by declines in Asia.

 

Follow the link for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

How AI/ML curation helps Blibli to always provide original products
Blibli’s AI technology is able to detect indications of counterfeit goods 10 times faster.
A look into Erajaya’s four business vertical expansion
Erajaya mixes omnichannel strategy and retail expansion to target more consumers.
How Love, Bonito develops actionable insights in fashion
CEO of Love, Bonito, Dione Song, revealed the brand’s data strategy that led to an 8% increase in its second purchase rate.