Nike FY revenues inch up 1% to $51.4bn

Nike has reported that revenues inched up 1% to $51.4bn (£40.6bn) in the year ended 31 May from $51.2bn (£40.5bn) in the prior year, as fourth quarter revenues were down 2% to $12.6bn (£9.9bn). 

It comes as the group’s direct revenues for Q4 reached $5.1bn (£4bn), spelling a decline of 8% on a reported basis and 7% on a currency-neutral basis.  

Nike attributed this to declines in Nike Brand Digital of 10% and its owned stores of 2%. 

In addition, Converse revenues reached $480m (£379.8m), which was an 18% drop on a reported basis, primarily due to “declines in North America and Western Europe”. 

However, fourth quarter wholesale revenues rose 5% to $7.1bn (£5.6bn) on a reported basis and 8% on a constant currency-neutral basis. 

John Donahoe, president and CEO of Nike, said: “We are taking our near-term challenges head-on, while making continued progress in the areas that matter most to NIKE’s future – serving the athlete through performance innovation, moving at the pace of the consumer and growing the complete marketplace. 

“I’m confident that our teams are lining up our competitive advantages to create greater impact for our business.”

Matthew Friend, executive VP and CFO of Nike, added: “We are driving better balance across our portfolio. While we are encouraged by our progress, our fourth quarter results highlighted challenges that have led us to update our Fiscal ’25 outlook. 

“We are taking actions to reposition Nike to be more competitive, and to drive sustainable, profitable long-term growth.”