(CercleFinance.com) – Nike released financial results for its first quarter ended August 31, 2022. First quarter revenue was $12.7 billion, up 4% from last quarter. year and 10% on a currency-neutral basis.
Nike Direct revenue was $5.1 billion, an increase of 8% on a reported basis and 14% on a currency-neutral basis.
Nike-branded digital sales increased 16% on a reported basis, or 23% on a neutral basis, driven by 46% growth in EMEA.
Gross margin decreased by 220 basis points to 44.3%.
Diluted earnings per share for the quarter were $0.93, down 20%.
“The strength of our brand, our deep connections with consumers and our pipeline of innovative products, continue to prove that our strategy is working,” said John Donahoe, President and CEO of NIKE.
First-quarter revenue increased 10% at constant currency, driven by Nike Direct’s 14% growth.
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