Footwear brand Nike has reported its financial results for the second quarter of the 2024 fiscal year, when revenues increased by 1% year-on-year to US$13.4 billion.
This stability resulted from currency-neutral growth in APLA and Greater China, compensating for North America’s and EMEA’s declines.
Conversely, there was an 11% fall in value, or US$519 million, with a 13% dip when adjusted for currency. This decline was mostly caused by declines in North America and Europe, which were somewhat offset by growth in Asia.
Regarding regional performance, Nike reported a 4% decline in North America, totaling US$5.63 billion. In contrast, EMEA saw a 2% increase, reaching US$3.57 billion. Greater China exhibited a growth of 4%, amounting to US$1.86 billion, while APLA demonstrated a substantial 13% increase, reaching US$1.8 billion.
Gross profit in the quarter experienced a 5% year-on-year uptick, reaching US$5.97 billion, resulting in a gross margin of 44.6%. Net income significantly grew 9% to US$1.58 billion.
Nike’s Chief Financial Officer, Matthew Friend, commented on the results, stating, “Nike’s second-quarter financial performance marks a pivotal moment in driving more profitable growth. Despite anticipating a softer second-half revenue outlook, our focus remains on robust gross margin execution and disciplined cost management.”