// Nike revenue rises 3% to £7.4bn for the quarter ending February 28

// The reported revenue is an increase on the same period the previous year

// Online sales increased by 59%

Nike has recorded a revenue rise of three per cent to $10.4 billion (£7.4 billion) for the quarter ending February 28.

The reported revenue is an increase on the same period the previous year, but a decline of one per cent on a currency-neutral basis.

The increase was boosted by a 51 per cent increase in sales in Greater China (42 per cent on a currency-neutral basis).

READ MORE: Nike to increase dividend by 12% ahead of sales growth forecast

This offset a 10 per cent decline in reported revenue in North America (11 per cent on a currency-neutral basis).

The decline was attributed to supply chain issues – including global container shortages and US port congestion – impacting the flow of inventory and timing of wholesale shipments.

Gross profit for the quarter was up five per cent to $4.7 billion (£3.6 billion) year on year.

Physical store sales in Europe declined, as 45 per cent of stores were closed under Covid-19 restrictions for the last two months of the quarter.

Meanwhile, online sales increased by 59 per cent (54 per cent on a currency-neutral basis).

“Nike continues to deeply connect with consumers all over the world driven by our strong competitive advantages,” Nike president and chief executive John Donahoe said.

“Our strategy is working, as we accelerate innovation and create the seamless, premium marketplace of the future.”

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