US sportswear and footwear giant Nike's revenue rose 2% in the first quarter of fiscal 2024, compared with the same period a year earlier, to $12,9 billion.
The Nike brand recorded sales growth of 3% to 12,4 billion euros compared to the same period last fiscal year, Converse revenue in the reporting period was $588 million, down 9% compared to the same period last year, mainly due to decline recorded in North America.
The best results were shown by sales of Nike equipment (+9%) and shoes (+4%), sales of clothing decreased by 1%.
In the first quarter of fiscal 2024, Nike's gross margin decreased 10 basis points to 44,2% compared to the same period in the previous fiscal year, "primarily due to higher product costs and unfavorable changes in net foreign currency exchange rates." which were largely offset by strategic changes in pricing policy.”
The sportswear company posted net income of $1,5 billion at the end of August, reflecting a 1% decline from the same period in fiscal 2023; diluted earnings per share, however, increased 1% to $0,94.