US sporting goods supplier Nike Inc. reported mixed figures for the third quarter of the 2023/24 financial year, with results slightly surpassing analysts' expectations. CEO John Donahoe acknowledged that while the figures aligned with management's forecasts, they did not fully reflect Nike's potential. As a result, the company plans to make further adjustments in marketing, product portfolio, and wholesale distribution.
During the three months leading up to 29 February, Nike's group turnover reached approximately $12.4 billion, marking a 0.3 percent increase compared to the same quarter the previous year. Even after adjusting for exchange rate fluctuations, there was a slight uptick. The primary brand, Nike, contributed the majority of revenue, with sales rising by 2 percent to $11.9 billion. In North America, Nike saw a 3 percent increase to $5.07 billion, and in Greater China, a 5 percent rise to $2.08 billion. Sales in the Asia-Pacific region and Latin America totaled $1.65 billion, up by 3 percent. However, the EMEA region experienced a decline, with sales dropping by 3 percent to $3.14 billion.
