Nike's Third Quarter Sees 59% Surge in Digital Sales
Reporting revenues of $10.4 billion USD.
Despite being forced to shutter 45 percent of its stores due to lockdown regulations, Nike rallied over the third fiscal quarter of 2021 to bring in revenues of $10.4 billion USD, largely thanks to its digital sales.
According to a new report released by the sportswear giant, while North American revenues dropped 10 percent due to issues with the supply chain, including port congestion and container shortages, the Nike Direct sales were up 20 percent to $4 billion USD, while the brand’s digital sales surged by a whopping 59 percent, with consistent double-digit growth across all geographies. Diluted earnings per share now come in at $0.90 USD.
“Nike continues to deeply connect with consumers all over the world driven by our strong competitive advantages,” said John Donahoe, Nike’s president and CEO. “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.”
“Nike’s brand momentum is as strong as ever and we are driving focused growth against our largest opportunities,” added Matt Friend, the company’s EVP and CFO. “We continue to see the value of a more direct, digitally-enabled strategy, fueling even greater potential for Nike over the long term.”
Elsewhere in business-related news, South Korea’s Coupang has become the biggest U.S. listing by an Asian company with its IPO.
