The sports retailer has reported fourth-quarter earnings and revenue that far exceeded estimates amid record sales in North America.
Nike, which has recently channelled their efforts into direct-to-consumer and digital-led strategies, has reported that its net income has risen to $1.5bn for the quarter ended May 31, compared with a loss of $790M during the same period a year ago.
The brand’s total revenue increased by a huge 96 per cent to $12.34bn, exceeding estimates for $11.01bn. Digital sales increased by 41 per cent compared to the previous year and 147 per cent from the same period in 2019.
Nike Chief Executive Officer, John Donahoe, commented: “FY21 was a pivotal year for Nike as we brought our consumer direct acceleration strategy to life across the marketplace. Fuelled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike’s long term-growth.”
In FY21, the brand is expecting revenue to grow a low double-digit percentage, surpassing $50bn.
