Nike online sales surge in Q1

Nike has announced a significant increase in digital sales in its first quarter fiscal report for this financial year.

The sportswear retailer saw digital sales rise by 81% in the three-month period ended 31 August, offsetting falling revenue in its stores due to the pandemic.

Despite Nike not releasing a figure for physical sales, the retailer revealed an overall first quarter revenue of $10.6bn (£8.3bn), as many of its key markets eased lockdown restrictions during this time.

Nike’s direct-to-consumer online strategy is part of the brand’s transformation to sell directly to customers while reducing store presence and the need for wholesale partners.

Matt Friend, executive vice president and chief financial officer at Nike, said: “Nike is recovering faster based on accelerating brand momentum and digital growth, as well as our relentless focus on normalizing marketplace supply and demand.

“We continue to drive investment in capabilities that will fuel our consumer-led digital transformation, catalyzing long-term growth and profitability for Nike.”