Nike’s first quarter ended Aug. 31, with double-digit increase in sales
Brands digital sales surged 82% in the first quarter that ended Aug. 31, with double-digit increases across North America, Greater China, APLA and triple-digit growth in EMEA. Stated revenues for the global sportswear manufacturer computed to US$10.6 billion for the its first quarter ended August 31, 2020, which is down 1% on a reported basis and flat to the prior year on a currency-neutral basis. “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, Nike. “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”, he added. Due to Covid-19 impacts and safety related measures, Nike Group feels that despite a majority of stores open in the past quarter, it continues to experience year-over-year declines in physical retail traffic across the markets. Revenues for Converse were US$563 million, up 2% on a currency-neutral basis, mainly driven by strong demand in Europe and in digital, globally.