Nike: turnover stable at €47.47bn & a net profit of €5.26bn (+11.7%) in 2023-24

The Nike group posted a turnover of $51.36bn (€47.47bn) during the 2023-24 financial year (from 01/06/2023 to 31/05/2024), an increase of $145m (+0.3%, on a currency-neutral basis) compared with 2022-23, announced the American equipment manufacturer on 27/06/2024.

The Nike brand accounts for 96% of the group's revenues ($49.3bn/€45.5bn), with Converse, whose revenues fell by 14.2%, contributing the rest ($2bn/€1.9bn). Jordan Brand accounted for $6.99bn (€6.45bn, +6%), or 17.1% of total Nike product wholesale sales ($40.767bn/€37.7bn, +1.6%).

Group net profit was $5.7bn (€5.26bn), up 11.7% versus the previous year (2022-23: $5.1 bn/€4.7bn). "Demand creation expense was $1.1bn, flat compared to prior year as lower sports marketing expense was offset by higher advertising and marketing expense," explained Nike.

"We are driving better balance across our portfolio. While we are encouraged by our progress, our fourth quarter results (-2% in turnover) highlighted challenges that have led us to update our fiscal 2025 outlook. We are taking actions to reposition Nike to be more competitive…