Nike’s revenue in the first quarter decreased by 1% totalling 10.6 billion US dollars and was flat to prior year on a currency-neutral basis. The sportswear giant reported first quarter digital sales growing by 82%
“Our results this quarter continue to demonstrate Nike’s full competitive advantage, as we strengthen our position in the midst of disruption. 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”, commented John Donahoe, President and CEO, Nike, Inc.
Net income for the period totalled 1.5 billion US dollars, up by 11% as lower selling and administrative expense more than offset lower gross margin and revenue and diluted earnings per share was 0.95 US dollars, increasing by 10%.