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Nike's Q1 revenues increase 16 percent

By Prachi Singh

24 Sep 2021


Image: Nike media gallery

Revenues for Nike, Inc. increased 16 percent to 12.2 billion dollars compared to the prior year, up 12 percent on a currency-neutral basis.

“Nike’s strong results this quarter are continued proof of our deep consumer connections, unrelenting innovation pipeline and a digital advantage that fuels our brand momentum,” said John Donahoe, president and CEO, Nike, Inc.

The company said revenues for the Nike brand were 11.6 billion dollars, an increase of 12 percent to prior year on a currency-neutral basis, led by Nike Direct double-digit growth in North America, APLA and EMEA.

Net income up 23 percent

Revenues for Converse were 629 million dollars, up 7 percent on a currency-neutral basis, led by performance in direct to consumer in both North America and Europe.

Nike’s net income increased 23 percent to 1.9 billion dollars, while its gross margin increased 170 basis points to 46.5 percent.

The company added that Nike has a record of 19 consecutive years of increasing dividend payouts.

“Nike is a growth company with a market opportunity as large as it's ever been,” said Matt Friend, executive vice president and chief financial officer. “Our Q1 results illustrate how Nike’s Consumer Direct Acceleration strategy continues to fuel growth and transform our long-term financial model.”

In the first quarter, the company returned approximately 1.2 billion dollars to shareholders, including dividends of 435 million dollars, up 13 percent from the prior year and share repurchases of 742 million dollars for the quarter, reflecting 4.8 million shares retired as part of the four-year, 15 billion dollars program approved by the board of directors in June 2018.