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Nike's Q2 FY21 revenue grows 9% to $11.2 bn

22
Dec '20

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Nike, a US-based designer of authentic athletic footwear, apparel and accessories, has reported 9 per cent revenue increase to $11.2 billion in its second quarter fiscal 2021, ended on November 30, compared to revenue of $10.3 billion in same period previous year. Company’s net income for the quarter rose 12 per cent to $1.2 billion (Q2 FY21: $1.1 billion).

“Nike’s strong results during a dynamic environment show the power of staying on the offense,” John Donahoe, president and CEO at Nike, said in a press release. “Fuelled by compelling innovative product and global brand momentum, we continue to extend our leadership. Our strategy is working, and we are excited for what’s ahead.”

Gross profit during Q2 FY21 grew to $4.8 billion ($4.5 billion). However, total selling and administrative expenses dropped to $3.2 million ($3.3 billion).

Revenues for the Nike brand increased 8 per cent to $10.7 billion whereas, Converse brand revenue fell 4 per cent to $476 million. Nike brand’s digital sales jumped 84 per cent during Q2 FY21.

During the reported quarter, revenue in North America came down marginally 1 per cent to $4.0 billion ($3.9 billion), while Europe, Middle East and Africa reported 17 per cent growth to $2.9 billion ($2.5 billion). Asia Pacific & Latin America revenue remained stagnant at $1.4 billion. Revenue in Greater China increased 24 per cent to $2.2 billion ($1.8 billion).

“As we look ahead, we are focused on moving even faster against our strategic vision of consumer direct acceleration and fuelling sustainable, long-term growth and profitability,” Donahoe said.

Fibre2Fashion News Desk (JL)

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