NIKE net income slips by 5% in Q4

Its sales were dragged by its Greater China market.

NIKE, Inc. reported its net income slipped by 5% to $1.43b in the fourth quarter of the year, down from $1.5b previously.

For the year ended May 2022, the company’s net income climbed 6% to $6.04b from $5.72b.

In the fourth quarter, NIKE reported its direct revenues grew by 7%, led by Europe, Middle East and Africa (EMEA) which saw a 25% growth, Asia Pacific and Latin America (APLA) (43%), and North America (5%). This was, however, partially offset by a decline in Greater China.

Meanwhile, NIKE Brand Digital revenues rose 15%, largely due to a double digit growth in APLA, North America, and EMEA.

“In this dynamic environment, NIKE's unrivaled strengths continue to fuel our momentum,” said Matt Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc.

“Two years into executing our Consumer Direct Acceleration, we are better positioned than ever to drive long-term growth while serving consumers directly at scale.”

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