Nike has reported a 5 percent year-over-year increase in revenues to 10.9 billion dollars in the third quarter, or an 8 percent increase on a currency-neutral basis.
Revenues for the Nike brand were 10.3 billion dollars, up 8 percent compared to prior year on a currency-neutral basis, led by 13 percent growth in EMEA.
Revenues for Converse were 567 million dollars, down 1 percent on a reported basis and up 2 percent on a currency-neutral basis, led by strong performance in North America and Europe, partially offset by declines in Asia.
Dip in Q3 net profit
Net income for the quarter was 1.4 billion dollars, down 4 percent, and diluted earnings per share were 87 cents. The company’s gross margin increased 100 basis points to 46.6 percent.
“Our third quarter results demonstrate Nike’s ability to navigate through volatility, while continuing to serve consumers directly and digitally, at scale,” said Matt Friend, executive vice president and chief financial officer at Nike.
“Marketplace demand continues to significantly exceed available inventory supply, with a healthy pull market across our geographies,” he added.
In the third quarter, Nike returned approximately 1.7 billion dollars to shareholders, including dividends of 484 million dollars, up 12 percent from the prior year and share repurchases of 1.2 billion dollars for the quarter, reflecting 8.1 million shares retired as part of the four-year, 15 billion dollars program approved by the board of directors in June 2018.