Beaverton, Oregon – Nike, the global footwear giant, generated sales of $21.8 bn in the first half of 2020. This is up 4% on the same period last year.
EBIT across the business rose by 23.8% to $4.27 bn in the first half of 2020. Part of the growth in EBIT came because Nike is spending much less on promotion at sporting events.
The growth in earnings continued momentum from the first quarter of the year, Nike said. CEO John Donahoe said the growth was fuelled by compelling innovative product and global brand momentum.
Digital sales for Nike were up 84% in the second quarter, and offset temporary coronavirus shutdowns. The move to direct-to-consumer sales will speed up, according to CFO Matt Friend. 'We are focused on moving even faster against our strategic vision of Consumer Direct Acceleration and fuelling sustainable, long-term growth and profitability,' he said.