Oregon, US – Revenues at Nike were up again in its 2024 second quarter, which ended on 30 November 2023, with increases in Nike Direct offsetting falls in wholesale income. Company-wide, revenues rose by 1% to $13.4bn compared to the prior year; on a currency neutral basis this represented a 1% decline.
The revenue increase was most pronounced for the Nike Direct part of the business, where it was up 6% to $5.7bn (4% on a currency neutral basis). Wholesale revenues fell by 2% (3% currency neutral) to $7.1bn.
The company is now looking for ways to make up to $2bn in cumulative cost savings over the next three years, much of which it plans to invest in fuelling future growth, innovation and profitability. It believes there is potential to make savings by simplifying its product assortment, increasing the use of automation and other technology, streamlining the organisation, and taking advantage of its scale to drive greater efficiency.
“Our Q2 results demonstrated how we are getting back on our front foot in our key areas of innovation and growth,” said John Donahoe, the company’s president and CEO. “We see an outstanding opportunity to drive long-term profitable growth. We are embracing a company-wide journey to invest in our areas of greatest potential, increase the pace of our innovation, and accelerate our agility and responsiveness.”
