Nike revenues surge by 96%

International sportswear brand Nike has reported revenue growth of 96 per cent to $12.3 billion in the final quarter of 2020.

Compared to pre-pandemic levels, revenues were up by 21 per cent.

Across the year, revenues increased by 19 per cent to $44.5 billion.

The company said the fourth quarter revenue growth was led by higher wholesale shipments due to the annualisation of Covid-19 related physical retail closures in the prior year across North America, EMEA, and APLA.

Following the reopening of retail stores, the brand’s digital platform showed continued strong revenue growth of 41 per cent compared to the previous year and 147 per cent compared to the fourth quarter of 2019.

“Nike’s strong results this quarter and full fiscal year demonstrate Nike’s unique competitive advantage and deep connection with consumers all over the world,” said John Donahoe, president & chief executive, Nike. “FY21 was a pivotal year for Nike as we brought our Consumer Direct Acceleration strategy to life across the marketplace.”

Donahoe added: “Fuelled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike’s long-term growth.”

Matt Friend, Nike’s executive vice president and chief financial officer, said: “As we advance our consumer-led digital transformation, we are building a new financial model that will continue to fuel long-term sustainable, profitable growth for Nike.”

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