Nike's Q1 2024 Results Prove Continued Market Dominance

Nike have released their 2024 first quarter results, displaying another impressive sales result that continues to dominate the market. Competitors adidas reported a gross revenue of $5.65 billion in their quarter ending in June 2023, which is dwarfed by Nike’s whopping $12.9 billion. Nike have also experienced a modest growth of 2 per cent compared to the prior year on a currency-neutral basis. John Donahoe, President and CEO of NIKE Inc. says this result ‘offered proof of what NIKE can deliver’.

Converse contributed $588 million to the gross revenues for NIKE Inc., which is a 9 per cent decrease from the same term last year. This loss is attributed to a steep decline in North America that is somewhat offset by growth in Asia.

Unsurprisingly, Nike have reported increases in expenses, including selling, administrative, creative and overhead expenses. This is to be expected given the current economic climate, and it meant the net income was down 1 per cent despite the growth seen in gross sales.

When looking to the future, Matthew Friend, Executive Vice President and Chief Financial Officer says, ‘With a healthy marketplace and another quarter of brand and business momentum, we are strengthening our foundation for sustainable, profitable, long-term growth.’