Nike Report $44.5 Billion in Annual Revenue, Thanks Largely to Digital Sales
Nike continue to flourish despite the impacts of the COVID-19 pandemic, announcing a revenue growth of 96 per cent to $12.3 billion over the fourth quarter of the 2021 fiscal year. Combined with the other three quarters, Nike brought in $44.5 billion in revenue across the entire year, marking a 19 per cent increase year over year. Big stonks!
‘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 CEO and president John Donahoe.
‘FY21 was a pivotal year for Nike as we brought our Consumer Direct Acceleration strategy to life across the marketplace. Fuelled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike’s long-term growth.’
The fourth quarter revenue growth was spearheaded by higher wholesale shipments due to the annualisation of COVID-19 related physical retail closures in the prior year across the globe. As physical retail locations re-opened, Nike’s digital sector continued to deliver strong revenue growth of 41 per cent versus the prior year, and 147 per cent compared to the fourth quarter of 2019.
Just goes to show how sneakerheads’ shopping habits are evolving.
You can read more about Nike’s Fourth Quarter and Full Year Results here.
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