Nike recently released their results for the first quarter of the 2022 financial year, which ended on August 31, 2021. As expected, the Swoosh had a pretty solid run, posting $12.2 billion in revenue that was largely attributed to further growing digital sales and a strong recovery for the brick-and-mortar sector. Beyond the fiscal details, the accompanying conference call hosted by Nike’s upper management – including CEO John Donahoe, who joined the company at the beginning of 2020 – revealed some intriguing insights.
This quarter was unique for a number of reasons – one being the Olympic Games in Tokyo. It was again one of the most winningest, with Donahoe noting, ‘if NIKE were a country, we would have eclipsed the competition, capturing 226 medals, including 85 golds.’ The Swoosh’s Tokyo takeover covered their traditionally dominant sports: Nike-sponsored teams won five of six medals for basketball, and the combined total of track and field individual medals outnumbered those of athletes wearing other brands.
There were plenty of highlights on the product front too. Nike confirmed 43 different styles designed with the Space Hippie sustainable concept, a year after its launch. But perhaps most interestingly for switched-on sneakerheads and hypebeasts is the distribution of the recent Off-White x Dunk Low SNKRS release. According to the brand, 90 per cent of purchase invites went to users who had lost out on prior Off-White x Nike colabs on the platform in the previous two years.