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Nike returns to growth in Greater China, Asia Pacific remains steady

U.S. sportswear giant Nike Inc. said first-quarter revenues increased 2 percent to USD 12.9 billion, on the back of a return to sales growth in Greater China and a slight uptick in Asia Pacific Latin America sales.

SEE ALSO: Nike APAC revenue lift offsets Greater China decline in fiscal 2023

The Portland, Oregon-based Nike said Asia Pacific Latin America sales increased 2  percent to USD 1.57 billion for the three months August 31, including a 7 percent increase in footwear sales in the region and a 3 percent increase in equipment sales, partially offset by a 10 percent decrease in apparel sales.

Elsewhere in Asia, Nike Greater China revenues surged 8 percent to USD 1.74 billion for the quarter, fuelled by a 4 percent lift in footwear sales, and a 7 percent gain in apparel, partially offset by a 4 percent decline in equipment sales.

Global revenues for the Nike brand were USD 12.4 billion, up 3 percent, led by currency-neutral growth in EMEA, Greater China and APLA, partially offset by a decline in North America. Revenues for Converse were USD 588 million, down 9 percent on a reported a due to a decline in North America, partially offset by growth in Asia.

Net income was USD 1.5 billion, down 1 percent, and diluted earnings per share was USD 0.94, increasing 1 percent.

“Our first-quarter results demonstrated the impact of staying on the offense over the past fiscal year,” said Matthew Friend, executive vice president and chief financial officer, Nike, Inc.

“With a healthy marketplace and another quarter of brand and business momentum, we are strengthening our foundation for sustainable, profitable, long-term growth.”