Nike reported their financial results for fiscal Q3 in 2022 yesterday and reported revenues were up $10.9 billion, up 5% compared to Q3 in 2021. Nike’s move to more of a direct-to-consumer strategy is paying off as direct sales were $4.6 billion, up 15% on a reported basis and up 17% on a currency-neutral basis. Brand Digital sales for Nike also went up 19%, or 22% on a currency-neutral basis, led by 33% growth in North America.
“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. “Fueled 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.”
Nike has also returned about $1.7 billion to shareholders with dividends up 12% from last year and share repurchases of $1.2 billion for the quarter as well.
More info about the reports can be seen on Nike News.