“Nike’s strong results this quarter and full fiscal year demonstrate Nike’s unique competitive advantage and deep connection with consumers all over the world. FY21 was a pivotal year for Nike as we brought our Consumer Direct Acceleration strategy to life across the marketplace. Fuelled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike’s long-term growth”, commented John Donahoe, President & CEO.

“Nike’s brand momentum is a testament to our authentic consumer connections, digital strength and continued operational execution. As we advance our consumer-led digital transformation, we are building a new financial model that will continue to fuel long-term sustainable, profitable growth for Nike”, added Matt Friend, Executive Vice President and Chief Financial Officer.

Revenue for Nike, Inc. rose by 96% to 12.3 billion US dollars, up by 88% on a currency-neutral basis, largely driven by the recovery of business operations due to the impact of COVID-19 in the prior year. Revenue for the Nike Brand reached 11.8 billion US dollars, up by 88% to the prior year on a currency-neutral basis, driven by triple-digit growth in our wholesale business and strong double-digit growth in Nike Direct. Revenue for Converse totalled 596 million US dollars, up by 85% on a currency-neutral basis, led by strong marketplace demand in North America and Western Europe.

According to the sports giant, "fourth quarter revenue growth was led by higher wholesale shipments due to the annualization of COVID-19 related physical retail closures in the prior year in North America, EMEA and APLA". As physical retail re-opened, Nike Brand Digital continued to deliver strong revenue growth of 41% versus prior year and 147% compared to the fourth quarter of 2019. North America delivered record revenue, up by 141% on a reported basis for the fourth quarter, up by 29% compared to the fourth quarter of 2019, including increased wholesale revenue due to delayed shipments from the previous quarter. As markets re-opened and sport returned, North America Digital growth continued to be strong, increasing 54% versus prior year and 177% compared to the fourth quarter of 2019.  EMEA’s fourth quarter reported revenues increased by 124%, up by 21% compared to the fourth quarter of 2019, despite temporary COVID-19 related store closures throughout the quarter. As physical retail was temporarily closed, EMEA Digital fourth quarter sales increased 40%, or 170% compared to the fourth quarter of 2019. Today, approximately 99% of stores in EMEA are open or operating on reduced hours.

Gross margin increased 850 basis points to 45.8%, primarily due to annualizing the impacts of COVID-19 including lower factory cancellation charges, lower inventory obsolescence reserves as well as the favorable rate impact of supply chain fixed costs on a higher volume of wholesale shipments. The increase in gross margin also reflects favourable margins in our Nike Direct business.

Net income reached 1.5 billion US dollars, and Diluted earnings per share was 0.93 compared to a net loss for the fourth quarter of 2020 of 790 million US dollars and a net loss per share of 0.51 US dollars.

Revenue for Nike, Inc. increased by 19% to 44.5 billion US dollars, up by 17% on a currency-neutral basis. Revenue for the Nike Brand was 42.3 billion US dollars, up by 17% on a currency-neutral basis, driven by growth across Nike Direct and wholesale, double-digit growth across footwear and apparel, with growth led by Sportswear and the Jordan Brand. Nike Direct revenue totalled 16.4 billion US dollars, up by 32% (30% on a currency-neutral basis) led by 64% (60% percent on a currency-neutral basis) growth in Nike Brand Digital, with all geographies growing strong double-digits. Despite temporary store closures across the marketplace due to COVID-19, comparable store sales grew by 4%. Revenue for Converse reached 2.2 billion US dollars, up by 16% on a currency-neutral basis, led by strong double-digit sales growth in our digital business.

Gross margin increased by 140 basis points to 44.8%, primarily due to annualizing the impacts of COVID-19 including lower factory cancellation charges, lower inventory obsolescence reserves as well as the favourable rate impact of supply chain fixed costs on a higher volume of wholesale shipments. The increase in gross margin also reflects higher full- price product margins across wholesale and NIKE Direct
   

Net income for the period was 5.7 billion US dollars, and Diluted earnings per share was 3.56 US dollars, up by 123%.