U.S. sportswear giant Nike Inc. said on March 21 that revenues in its APLA (Asia Pacific & Latin America) region grew by 19 percent in the third quarter ending February 28, offsetting a 5 percent decline in China.
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The Portland, Oregon-based Nike said total revenues in its APLA region reached $1.4 billion, with sales across its equipment, apparel, and footwear divisions growing by 44 percent, 16 percent, and 20 percent, respectively.
Likewise, APLA sales for the nine months ending February 28 increased 13 percent to $3.9 billion, following an increase in equipment sales of 36 percent, 10 percent growth in apparel, 13 percent in footwear sales.
However, the quarterly increase in sales in the APLA region was partially offset by a decline in Nike China revenues, which fell to $2.7 billion in the third quarter. Footwear sales in China fell 4 percent, while apparel sales plunged 11 percent, offset by an 18 percent increase in equipment sales.
Greater China sales for the nine-month period fell 6 percent to $6.4 billion.
Overall, Nike said total revenues at the company were $10.9 billion for the third quarter, up 5 percent compared to prior year.
By brand, revenues at Nike were $10.3 billion, up 8 percent compared to prior year on a currency-neutral basis, while Converse revenues were $567 million, down 1 percent on a reported basis, led by strong performance in North America and Europe, partially offset by declines in Asia.
“Nike’s strong results this quarter show that our Consumer Direct Acceleration strategy is working, as we invest to achieve our growth opportunities,” said John Donahoe, President and CEO, NIKE, Inc.
“Fuelled by deep consumer connections, compelling product innovation and an expanding digital advantage, we have the right playbook to navigate volatility and create value through our relentless drive to serve the future of sport.
Net income at the company fell 4 percent to $1.4 billion and diluted earnings per share were $0.87.