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Nike ‘s first quarter financials till August 31, 2023, revealed a revenue of $12.94 billion and a net income of $1.45 billion, according to the company’s recent disclosures. The figures indicate changes from the previous year’s performance, although specific details of these changes were not provided.
The inventory for the same period stood at $8.7 billion, which the company attributed to fewer units. In terms of brand performance, Nike saw a 3% increase in revenue, driven by growth in China. However, the brand experienced a decline in its North American market.
In contrast, Converse, another brand under Nike Inc (NYSE:)., reported earnings of $588 million for the quarter. The brand marked its growth in Asia but also noted a drop in its North American revenues.
Matthew Friend, CFO of Nike Inc., expressed confidence about the company’s future prospects. He underscored Nike’s potential for sustainable and profitable growth moving forward.
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