Q1 Still Impacted by COVID-19, Nike Reports

Courtesy of Nike

Nike reported first quarter revenues were $10.6 billion, down 1% on a reported basis and flat to prior year on a currency-neutral basis. Direct sales reached $3.7 billion, and digital sales increased 82% with double-digit increases across North America, Greater China and APLA.

“Our results this quarter continue to demonstrate Nike’s full competitive advantage as we strengthen our position in the midst of disruption,” said John Donahoe, president and CEO of Nike Inc. “In this dynamic environment, no one can match our pace of launching innovative product and our Brand’s deep connection to consumers. These strengths, coupled with our digital acceleration, are unlocking Nike’s long-term market potential.”

Despite a majority of stores open in the quarter, Nike has continued to experience year-over-year declines in physical retail traffic across the marketplace due to COVID-19 impacts and safety related measures, the company added.

“NIKE is recovering faster based on accelerating brand momentum and digital growth, as well as our relentless focus on normalizing marketplace supply and demand,” said Matt Friend, executive vice president and chief financial officer. “We continue to drive investment in capabilities that will fuel our consumer-led digital transformation, catalyzing long-term growth and profitability for Nike.”

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