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Nike revenue increases 7% to $10.7 bn in Q1 FY2020

27
Sep '19

Pic: Nike

Nike, Inc's revenue increased 7 per cent to $10.7 billion in the first quarter of fiscal 2020 ending August 31, 2019 and up 10 per cent on a currency-neutral basis, driven by growth across all geographies. Diluted earnings per share for the quarter was $0.86, an increase of 28 per cent driven primarily by strong revenue growth and gross margin expansion.

Revenues for the Nike brand were $10.1 billion, up 10 per cent on a currency-neutral basis driven by growth across Nike Direct and wholesale, key categories including sportswear and the Jordan Brand, and continued growth across footwear and apparel.

Revenues for Converse were $555 million, up 8 per cent on a currency-neutral basis, mainly driven by double-digit growth in Asia and through digital globally, which was partially offset by declines in the US.

"Our strong start to FY20 highlighted the depth and balance of Nike's complete offense," said Mark Parker, Chairman, President and CEO, Nike. "Nike's strong product innovation, combined with our industry-leading digital experiences, continue to deepen our consumer relationships around the world."

"Our targeted strategic investments are accelerating Nike's digital transformation and extending our competitive advantage," said Andy Campion, executive vice president and chief financial officer, Nike. "Even amidst the increasingly volatile macroeconomic and geopolitical environment, we expect our unrelenting focus on better serving the consumer to continue fueling strong, broad-based growth across our global portfolio."

Nike based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned Nike subsidiary brands include Converse, which designs, markets and distributes athletic lifestyle footwear, apparel and accessories; and Hurley, which designs, markets and distributes surf and youth lifestyle footwear, apparel and accessories.

Fibre2Fashion News Desk – India

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