Nike has recorded strong performance in its third quarter driven largely by its increased focus on e-commerce.

The sportswear brand reported a digital sales increase of 20 per cent, while direct sales rose by 17 per cent to around $5 billion.

Nike’s third quarter revenues stood at over $12 billion, up 14 per cent on the previous year.

John Donahoe, president and chief executive of Nike, said that the strong results were in part driven by its Consumer Direct Acceleration strategy first announced in 2020, which saw the brand “ramp up” its investments in e-commerce and technology.

“Fuelled by compelling product innovation, deep relationships with consumers and a digital advantage that fuels brand momentum, our proven playbook allows us to navigate volatility as we create value and drive long-term growth,” he said.

Jessica Ramirez, senior analyst at Jane Hali and Associates, recently told Reuters that Adidas severing ties with rapper Ye over the star’s recent antisemitic comments – leading to the dissolution of its range of popular Yeezy footwear designed by the rapper – resulted in an opportunity for Nike to “pick more market” from its rival.

The news agency added that Nike had since “doubled down” on its product lines such as the LeBron 20s and Nike Mercurial shoes.

Share Story: