Nike reports robust sales as North American shoppers stock up on sneakers during the holiday rush. The sportswear giant claims they’re the best they’ve ever been in over a decade, thanks to discounts and promotions Nike offered to its customers.
“Nike’s results this quarter are a testament to our deep connection with consumers,” said John Donahoe, President and CEO of Nike, Inc.
The company representatives stated that the latest results were driven by brand recognition and strength.
Donahoe notes that Nike's growth was broad-based and was driven by its expanding digital leadership and brand strength. "These results give us confidence in delivering the year as our competitive advantages continue to fuel our momentum,” he added.
Meanwhile, Executive Vice President and Chief Financial Officer Matthew Friend believes consumer demand for Nike's portfolio of brands continues to drive strong business momentum in a dynamic environment.
“We remain focused on what we can control, and we are on track to deliver on our operational and financial goals — setting the foundation for sustainable, profitable growth.”
According to Nike’s report, the revenues “increased 17 percent to $13.3 billion compared to the prior year and were up 27 percent on a currency-neutral basis.”
Revenue for the brand was “$12.7 billion, up 18 percent on a reported basis and up 28 percent on a currency-neutral basis, with strong growth across all geographies and channels.”
Nike has managed to pull out ahead this fiscal quarter with record-breaking profits, making it one of the few brands to do so, given the current macroeconomic turmoil.