// Nike revenues grow during fourth quarter

// Fourth quarter revenues were at £8.8bn in the three months to March 31

// This marked an increase of 21% compared to the same period in 2019

Nike has seen its fourth quarter revenues grow as the retailer continues to emerge from the effects of the Covid-19 pandemic.

Fourth quarter revenues were at $12.3 billion (£8.8 billion) in the three months to March 31, which was a rise of 96 per cent year-on-year.

This marked an increase of 21 per cent compared to the same period in 2019.

READ MORE: Nike named world’s most valuable apparel brand for 7th consecutive year

Full year reported revenues increased by 19 per cent to $44.5 billion (£31.95 billion).

Nike Direct fourth quarter sales increased 73 per cent to $4.5 billion (£3.23 billion).

Revenues for the Nike Brand were $11.8 billion (£8.47 billion), up 88 per cent compared to the prior year on a currency neutral basis, driven by triple-digit growth in its wholesale business and strong double-digit growth in Nike Direct.

“FY21 was a pivotal year for Nike as we brought our Consumer Direct Acceleration strategy to life across the marketplace,” Nike president and chief executive John Donahoe said.

“Fuelled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike’s long-term growth.”

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