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Nike FY20: sales down to $37 bn; net income $2.5 bn

Jun '20
Pic: Nike
Pic: Nike
Nike, a US-based designer of authentic athletic footwear, apparel and accessories, has reported 4 per cent sales decline to $37.4 billion in fiscal 2020, ended on May 31, 2020 compared to sales of $39.1 billion in previous fiscal year. Company’s net income for the year were $2.5 billion ($4.0 billion). Gross profit were $16.2 billion ($17.4 billion).
“We are uniquely positioned to grow, and now is the time to build on Nike's strengths and distinct capabilities. We are continuing to invest in our biggest opportunities, including a more connected digital marketplace, to extend our leadership and fuel long-term growth,” John Donahoe, president and chief executive officer at Nike, said in a press release.
In FY20, Nike's digital sales increased 47 per cent with all geographies growing strong double-digits.
Sales in North America fell 9 per cent during the year to $14.4 billion ($15.9 billion). Europe, Middle East and Africa reported 5 per cent decline in sales to $9.3 billion ($9.8 billion). Asia Pacific & Latin America sales dropped 4 per cent to $5.0 billion ($5.2 billion). However, sales in Greater China rose 8 per cent to $6.6 billion ($6.2 billion).
Footwear sales over the year decreased 4 per cent to $23.3 billion. Apparel sales dropped 5 per cent to $10.9 billion ($11.5 billion). Sales of equipment slipped 9 per cent to $1.2 billion ($1.4 billion).
“As physical retail re-opens, Nike strong digital trends continue, a testament to the strength of our brand and the investments we've made to elevate digital consumer experiences,” Matt Friend, executive vice president and chief financial officer at Nike, said. “Amid macroeconomic uncertainty, we will continue to operate with agility, focused on optimizing marketplace supply and demand, cost management and leveraging our financial strength to drive long-term sustainable, profitable growth. 

Fibre2Fashion News Desk (JL)

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