Nike’s net income stumbles 22% in Q1 2023

Its net income stood at $1.46b in the three months ending in August 2022.

Nike’s net income dropped by 22% to $1.46b in the first quarter of its 2023 financial year, down from $1.87b in the previous year. 

Over the same period, Nike recorded a 4% year-on-year revenue growth to $12.68b, up from $12.24b.

"Our strong start to FY23 highlights the depth and breadth of NIKE’s global portfolio, as we continue to manage through volatility,” John Donahoe, President, and CEO, NIKE, Inc., said. 

“Our competitive advantages, including the strength of our brand, deep consumer connections, and pipeline of an innovative product, continue to prove that our strategy is working. We expect our unrelenting focus on better serving the consumer to continue to fuel growth and create value like only NIKE can."

Read more: NIKE net income slips by 5% in Q4

The NIKE Brand recorded a revenue of $12b, up 4% on a reported basis and up 10% on a currency-neutral basis, led by double-digit currency-neutral growth in North America, Europe,  the Middle East, and  Africa, and Asia-Pacific and Latin America. This was, however, offset in part by declines in Greater China.

Moreover, revenues for Converse stood at $643m, up 2% on a reported basis and up 8% on a currency-neutral basis. This was led by double-digit growth in North America and Europe, partially offset by declines in Asia.