Oregon, US – Sales were down by 9% at Nike in the third quarter of its 2025 financial year, and by 7% on a currency-neutral basis. They fell from the $12.43bn reported in the same quarter last year to $11.27bn this year. The declines were seen in all regions. Profits fell by 15.9%, from $5.56bn in the 2023 quarter to $4.67bn.
The decline in revenues was higher, at 12%, in the Nike Direct business, than in the wholesale channel, where revenues were down by 7%. Inventories of $7.5bn were down 2% compared to the previous year. This, the company said, reflects changes in product mix, which were partially offset by an increase in units.
The company’s president and CEO Elliott Hill, who took the reins in October last year, remains convinced that the “Win Now” strategic priorities Nike committed to three months ago represent the correct path. “What’s encouraging is Nike made an impact this quarter leading with sport – through athlete storytelling, performance products and big sport moments,” he said.
“Our outlook for the second half of fiscal 2025 driven by our ‘Win Now’ actions remains consistent with what we communicated last quarter,” said CFO Matthew Friend. “The operating environment is dynamic, but what matters most for Nike is serving athletes with new product innovation and re-igniting brand momentum through sport.”
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