Nike posts fiscal 2024 first quarter results

SAN FRANCISCO, Sept. 28 (Xinhua) -- Nike, Inc. on Thursday reported fiscal 2024 financial results for its first quarter ending Aug. 31, 2023.

The first quarter revenues were 12.9 billion U.S. dollars, up 2 percent compared to the prior year on a reported and currency-neutral basis.

Nike Direct revenues were 5.4 billion dollars, up 6 percent compared to the prior year on a reported and currency-neutral basis with growth across all geographies.

Nike Brand Digital sales increased 2 percent on a reported and currency-neutral basis.

Wholesale revenues were 7.0 billion dollars, flat compared to the prior year on a reported basis and up 1 percent on a currency-neutral basis.

Its gross margin decreased 10 basis points to 44.2 percent.

Diluted earnings per share was 0.94 dollars for the first quarter, up 1 percent, according to the athletic apparel maker.

"Moving forward, we are laser-focused on scaling these successes with greater consistency and speed as we continue to integrate and streamline our business," said President & CEO of Nike John Donahoe.

"Our first-quarter results demonstrated the impact of staying on the offense over the past fiscal year. With a healthy marketplace and another quarter of brand and business momentum, we are strengthening our foundation for sustainable, profitable, long-term growth," said Executive Vice President & Chief Financial Officer of Nike Matthew Friend.