Nike Reports Increase in Revenue to $10.9 Billion USD in Q3 of Fiscal 2022

Nike has officially released its fiscal 2022 third-quarter earnings. Q3, which ended on February 28, 2022, saw Nike hit revenues of $10.9 billion USD, a 5% increase compared to the previous year.

Sales at Nike continued to show a strong trajectory upwards with Nike Direct sales hitting $4.6 billion USD, up 15% on a reported basis and 17% on a currency-neutral basis. Nike’s Brand Digital sales also garnered a 19% increase which led to a 33% growth across North America. Gross margins jumped up to 46.6% while this quarter’s diluted earnings per share was $0.87 USD.

North America, APLA and EMEA saw double-digit growth, despite easing back normalcy post-pandemic. With traffic into Nike-owned physical retailers returning to steady growth, Nike stores saw sales go up 14%. The increase offset the declines seen in Greater China. Revenues for the Nike Brand hit $10.3 billion USD, 8% more than last year. Converse reported revenue of $567 million USD, 1% down on a reported basis. Though that was the case, it still saw a strong performance in North America and Europe to offset declines in Asia.

CEO of Nike John Donahoe said, “Nike’s strong results this quarter show that our Consumer Direct Acceleration strategy is working, as we invest to achieve our growth opportunities. Fueled by deep consumer connections, compelling product innovation and an expanding digital advantage, we have the right playbook to navigate volatility and create value through our relentless drive to serve the future of sport.” Shareholder returns were increased, citing 20 consecutive years of increased dividend payouts to shareholders. Dividends were up 12% from last year.

In case you missed it, Nike has released a special edition Air Force 1 High Vintage “Sail” inspired by the original ‘82 silhouette.