US' sportswear brand Nike reports $10.9 billion revenues in Q3 FY22

The brand’s digital sales increased 19 per cent, or 22 per cent on a currency-neutral basis, led by 33 per cent growth in North America. The sportswear brand’s gross margin increased 100 basis points to 46.6 per cent, while its diluted earnings per share for the quarter was $0.87, the company said in a media release.

In the reporting quarter, the revenues for the Nike brand were $10.3 billion, up 8 per cent compared to the prior year on a currency-neutral basis, led by 13 per cent growth in Europe, the Middle East and Africa (EMEA).

The revenues for Converse were $567 million, down 1 per cent on a reported basis and up 2 per cent on a currency-neutral basis, led by strong performance in North America and Europe, partially offset by declines in Asia, the media release stated.

“Our third quarter results demonstrate Nike’s ability to navigate through volatility, while continuing to serve consumers directly and digitally, at scale. Marketplace demand continues to significantly exceed available inventory supply, with a healthy pull market across our geographies,” Matt Friend, executive vice president and chief financial officer, Nike, said.

ALCHEMPro News Desk (SF)