Nike has released its financial results for the first quarter of fiscal 2024, revealing a 2% year-on-year growth in revenue, reaching US$12.9 billion.

The revenue for the Nike brand itself experienced a 3% increase, totalling US$12.4 billion. This growth was primarily driven by expansion in the EMEA, Greater China, and APLA regions, albeit offset by a decline in North America.

In contrast, Converse revenues witnessed a 9% decrease, amounting to US$588 million. While North America saw declines, growth was observed in the Asian market.

The North American region saw an overall revenue decrease of 2%, generating US$5.4 billion. In EMEA, revenue experienced an 8% growth, totalling US$3.6 billion, while Greater China recorded a 5% increase, reaching US$1.74 billion. Additionally, APLA demonstrated a 2% growth, achieving US$1.57 billion in revenue.

The gross profit increased by 2%, reaching US$5.72 billion, accompanied by a gross margin of 44.2%. The net income for the first quarter amounted to US$1.5 billion, representing a 1% decline year-on-year.

Matthew Friend, the Chief Financial Officer at Nike, commented on the results, stating “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.”