// Nike posts increase in third quarter sales across US and Europe
// Nike said sales through its direct-to-consumer arm rose 15% year-on-year
Nike has recorded a strong increase in its third quarter sales thanks to a “steady normalisation of traffic” to stores.
The sports giant saw a 5% rise in third quarter revenue to $10.9 billion (£8.2 billion) year-on-year, up 8% on a constant currency basis.
Nike said sales through its direct-to-consumer division rose 15% year-on-year, up 17% in constant currency terms to $4.6 billion (£3.5 billion).
Sales across Nike’s store network rose 14% year-on-year.
READ MORE: Nike admits some of its independent stores remain open in Russia
Online sales increased 19% year-on-year, up 22% in constant currency terms, and driven by a 33% rise in sales across North America.
Ecommerce sales also registered double digit growth across Europe, Asia and Latin America, partially offset by sales declines in Greater China.
Nike’s gross margin increased 100 basis points during the period to 46.6%, which the brand attributed to the expansion of its direct to consumer arm and a higher mix of full-price sales overall.
President and CEO John Donahoe said: “Nike’s strong results this quarter show that our consumer direct acceleration strategy is working, as we invest to achieve our growth opportunities.
“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.”
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