NIKE · Q1 2023 earnings

Briefing

Nike's first quarter of fiscal year 2023 earnings were reported, revealing a revenue increase of 4 percent and a diluted earnings per share decrease of 20 percent.

Nike reported a 4% increase in revenue to $12.7 billion for the first quarter of fiscal year 2023. Diluted earnings per share decreased by 20% to $0.93. The company's growth was driven by NIKE Direct sales and NIKE Brand Digital sales, but gross margin decreased due to elevated freight and logistics costs and lower margins in the NIKE Direct business.

• First quarter reported revenues were $12.7 billion, up 4 percent compared to the prior year and up 10 percent on a currency-neutral basis.
• NIKE Direct sales were $5.1 billion, up 8 percent on a reported basis and up 14 percent on a currency-neutral basis.
• NIKE Brand Digital sales increased 16 percent on a reported basis, or 23 percent on a currency-neutral basis, led by 46 percent growth in EMEA.
• Diluted earnings per share for the quarter was $0.93, down 20 percent.

Headline financials

Revenue & EPS history

NIKE expects its unrelenting focus on better serving the consumer to continue to fuel growth and create value like only NIKE can. NIKE's first quarter results set the foundation for another year of strong growth. Our focus continues to be the consumer, as we take action to navigate near-term dynamics while expanding long-term structural benefits through our Consumer Direct Acceleration strategy.