US sportswear brand Nike’s revenue in the second quarter of 2010 increased to $ 11.4 billion

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Nike Inc, a leading American sports and fashion brand, reported that sales in the second quarter of 2022 increased 1% year-on-year to $ 11.4 billion. Gross margin increased 280 basis points to 45.9% compared to the same quarter in 2021. Gross margin growth was driven by the expansion of the Nike Direct business.

Nike Direct sales were $ 4.7 billion, up 9% on a reported basis and 8% on a currency-neutral basis, while Nike Brand Digital sales were up 12% or 11% on a currency-neutral basis. 40% growth in North America.

“Nike’s strong results this quarter provide further evidence that the strategy is working because we are running in a dynamic environment.” John Donahoe, President and Chief Executive Officer, Said in a press release. “Today, we are in a much more competitive position than we were 18 months ago, and in every job we do to bring to consumers compelling new products, innovations and experiences that only Nike can offer. I would like to thank about 75,000 global teammates. “”

Nike Inc, a leading American sports and fashion brand, reported that sales in the second quarter of 2022 increased 1% year-on-year to $ 11.4 billion. Gross margin increased 280 basis points to 45.9% compared to the same quarter in 2021. Gross margin growth was driven by the expansion of the Nike Direct business.

Despite ongoing inventory constraints and supply chain challenges, Nike Direct grew 8%. This was driven by 30% growth for North America Direct, including record week results for Black Friday. Similarly, Nike Brand Digital achieved strong revenue growth of 11%, driven by double-digit growth in North America and APLA, but was partially offset by a decline in Greater China. Nike Direct’s contribution to growth was the steady normalization of physical stores owned by Nike, with a 4% increase in stores owned by Nike.

Nike Brand revenue in the reporting quarter was $ 10.8 billion, driven by Nike Direct’s growth, offset by lower wholesale revenue revenues, and remained flat year-on-year on a currency-neutral basis.

Revenues from the Converse segment were $ 557 million, up 16% on a currency-neutral basis, driven by strong performance in all channels in Europe and North America.

The company’s net income increased 7% to $ 1.3 billion, and its diluted earnings per share was $ 0.83, an increase of 6% compared to the same period last year.

The company closed the quarter with $ 6.5 billion inventories and $ 15.1 billion in cash and equivalents and short-term investments. Cash equivalents and short-term investments, driven by strong free cash flow, increased by approximately $ 3.3 billion from last year, but were partially offset by stock repurchases and cash dividends.

In the second quarter, Nike returned approximately $ 1.4 billion to shareholders. This includes a quarterly dividend of $ 437 million and a share repurchase of $ 96 million. As of November 30, 2021, a total of 60.8 million shares were repurchased under this program for a total of approximately $ 6.4 billion.

Fiber2Fashion News Desk (DD)

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US sportswear brand Nike’s revenue in the second quarter of 2010 increased to $ 11.4 billion

Source link US sportswear brand Nike’s revenue in the second quarter of 2010 increased to $ 11.4 billion

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