Home / Knowledge / News / Apparel/Garments / Nike Q3 FY20 sales grow 5% to $10.1 billion

Nike Q3 FY20 sales grow 5% to $10.1 billion

25
Mar '20
Pic: Nike
Pic: Nike
Nike, US-based world's leading designer and distributor of authentic athletic footwear, apparel and accessories, posted 5 per cent revenue growth to $10.1 billion in third quarter (Q3) FY20 that ended on February 29, 2020 compared to $9.6 billion in same period prior year. Year-over-Year (YoY) sales rose $31.0 billion compared to $28.9 billion prior year.
 
“In an extraordinarily dynamic time, Nike’s strong results are testament to our deep consumer connections, compelling product innovation and agile teams around the world. We know it’s in times like these that strong brands get even stronger,” John Donahoe, president and CEO, Nike, Inc, said in a press release. “As we start to see recovery in China, no one is better equipped than Nike to navigate the current climate.”
 
Company reported that the sales in Q3 were driven by double-digit growth in Nike direct and growth in wholesale, key categories including Sportswear and the Jordan Brand, and continued growth across footwear and apparel.
 
Gross profit in the quarter grew 3 per cent to $4.4 billion (Q3 FY19: $4.3 billion). YoY gross profit increased 8 per cent to $13.8 billion. Selling and administrative expenses rose 6 per cent to $3.2 billion. However, net income over the quarter depreciated 23 per cent to $847 million compared to $1,101 million in same period prior year. YoY net income jumped 10 per cent to $3.3 billion.
 
Sales in North America region improved 4 per cent to $3.9 billion. Europe, Middle East and Africa’s sales jumped 11 per cent to $2.7 billion. Greater China sales fell 5 per cent to $1.5 billion. Asia, Pacific & Latin America sales increased 8 per cent to $1.4 billion.
 
Apparel sales in the quarter grew 7 per cent to $2.9 billion. Footwear sales improved 4 per cent to $6.3 billion. Equipment sales increased 5 per cent to $326 million. 
 
The company further reported that at the peak in February, roughly 75 percent of Nike-owned and partner doors in Greater China were closed with others operating on reduced hours. Currently, reportedly nearly 80 percent of doors are open in Greater China with an even higher rate in key cities. Beginning March 16, all NIKE-owned stores, outside of Greater China, Japan and Korea were closed to help curb the spread of Covid-19, as reported.

Fibre2Fashion News Desk (JL)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 30th Mar 2020

Cambodian garment workers face layoffs due to COVID-19

Thousands of Cambodian garment workers have lost their jobs as global ...

Pic: Shutterstock

Apparel/Garments | On 30th Mar 2020

US, EU buyers tell Vietnamese firms to suspend delivery

Many US and European Union (EU) partners have sent notices to...

Pic: Shutterstock

Apparel/Garments | On 30th Mar 2020

Indian govt seeks details of PPE manufactures in Gujarat

Following directions from Indian textiles secretary Ravi Capoor, the...

Interviews View All

Rahuul Jashnani, Jashn

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Top executives, Textile industry

Top executives
Textile industry

In 10 years' time, everything will have the responsible factor integrated

Shawn Honeycutt, Bolger & O'Hearn

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Jos Notermans,

Jos Notermans

SPGPrints is a global provider of integrated solutions for rotary screen...

Marco Girola,

Marco Girola

With its commitment to innovation and deep technical expertise,...

Erik Sy,

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search