Nike, Inc. has announced its Q3 2022 earnings.
The brand reports that it accumulated $10.9 billion in Q3 (5% compared to the prior year/8% on a currency-neutral basis). Additionally, Nike Direct sales were $4.6 billion (15% growth/17% on a currency-neutral basis).
Nike CEO John Donahoe mentioned that Nike Brand Digital sales increased 19% (22% on a currency-neutral basis), led by 33% growth in North America. Donahoe attributes the success to the Nike App, which grew 50% in Q3, and heightened interaction and conversion on SNKRS, primarily through the SNKRS Live events.
Donahoe added that the Louis Vuitton x Nike Air Force 1 Sotheby’s auction for Virgil Abloh’s “Post-Modern” scholarship fund was the largest charity auction Sotheby’s has done. Additionally, the Air Jordan 11 “Cool Grey” was the largest selling single style unit in Nike Direct history.
“Nike’s strong results this quarter show that our Consumer Direct Acceleration strategy is working as we invest to achieve our growth opportunities,” said Nike CEO John Donahoe. “Fueled by deep consumer connections, compelling product innovation, and an expanding digital advantage, we have the right playbook to navigate volatility and create value through our relentless drive to serve the future of sport.”
The Q3 2022 report can be accessed here.
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