Footwear brand Nike’s revenues surged by 1 per cent Y-o-Y to $13.4 billion in Q2 FY2024. However, the brand’s value fell by 11 per cent to $519 million due to the declines in North America and Europe markets.

Nike’s revenues in North America dropped by 4 per cent to $5.63 billion during the quarter while revenues in EMEA surged by 2 per cent to reach $3.57 billion. 

Revenues in Greater China grew by 4 per cent to $1.86 billion, while APLA also recorded a 13 per cent increase in revenues to $1.8 billion.

Nike’s gross profit for the quarter surged by 5 per cent Y-o-Y to $5.97 billion, resulting in a gross margin of 44.6 per cent. The brand’s net income grew by 9 per cent to $1.58 billion.

According to Mathew Friend, Chief Financial Officer, Nike’s second quarter financial results drive a more profitable growth for the brand as it continues to focus on gross margins expansion and efficient management of costs.