Nike Q3 FY21 revenues grow 3% to $10.3 bn

22 Mar '21

2 min read

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Nike, a US-based designer of authentic athletic footwear, apparel and accessories, reported 3 per cent revenues growth to $10.3 billion in its third quarter (Q3) FY21, ended on February 28, 2021 compared to revenues of $10.1 billion in the same period previous fiscal. Company’s net income for the quarter rose 71 per cent to $1.4 billion (Q3 FY20: $847 million).

“Nike continues to deeply connect with consumers all over the world driven by our strong competitive advantages,” John Donahoe, president & CEO at Nike, said in a press release. “Our strategy is working, as we accelerate innovation and create the seamless, premium marketplace of the future. I’ve never been more confident in our leadership and teams to operate with agility in a dynamic environment.”

Gross profit during Q3 FY21 grew 5 per cent to $4.7 billion ($4.4 billion). Total selling and administrative expenses were $3.0 million ($3.3 billion).

Revenue for the Nike brand rose 2 per cent to $9.7 billion ($9.6 billion) whereas, Converse brand revenue grew 13 per cent to $570 million ($506 million). Nike brand’s digital sales jumped 59 per cent during the reported period.

Regionally, revenues in North America slipped 10 per cent to $3.7 billion ($4.0 billion), while Europe, Middle East and Africa reported 4 per cent drop to $2.6 billion ($2.7 billion). Asia Pacific & Latin America's revenues fell 7 per cent to $1.3 billion ($1.4 billion). However, revenues in Greater China during Q3 FY21 jumped 51 per cent to $2.3 billion ($1.5 billion).

“Nike's brand momentum is as strong as ever and we are driving focused growth against our largest opportunities,” Matt Friend, executive vice president and chief financial officer at Nike, said. “We continue to see the value of a more direct, digitally-enabled strategy, fuelling even greater potential for Nike over the long term.”

Fibre2Fashion News Desk (JL)

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