Beaverton, Oregon — Nike the athletic shoe and sports equipment giant recorded sales of $10.66 bn in the first quarter of 2020. This is higher by 7% than the same period in 2019.
Gross Profit across the business rose 11% and hit $4.4 bn in the first quarter of 2020.
Nike pushes sales up 7% in Q1 2020
Nike revenues rose through its direct to consumer channels and wholesale. The company managed to push through higher prices and grew margins by selling directly to consumers. This went some way to offset foreign exchange rate headwinds and higher product cost. The company also spent $1 bn on promotion through the quarter.
The company's footwear business had sales which rose by 8.04% between the first quarter of 2019 and 2020. They were $6.5 bn in the first quarter of 2020. This compares with $6.0 bn the first quarter 2019.
'Our strong start to FY20 highlighted the depth and balance of Nike’s complete offence,' said Mark Parker, CEO.
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