American sportswear brand Nike, Inc has reported a 14 per cent increase in revenues, reaching $12.4 billion in third quarter (Q3) of fiscal 2023 (FY23) ended February 28, 2023, compared to the previous year. On a currency-neutral basis, revenues were up by 19 per cent. Its net income was $1.2 billion, which represents an 11 per cent decrease compared to the previous year, while diluted earnings per share decreased by 9 per cent to $0.79.

On a reported basis, Nike’s direct sales amounted to $5.3 billion in Q3 FY23, showing a 17 per cent increase year over year, while on a currency-neutral basis, the increase was 22 per cent. Nike Brand Digital sales also experienced an increase of 20 per cent on a reported basis or 24 per cent on a currency-neutral basis compared to the same period of last year. Wholesale revenues grew, with a reported basis increase of 12 per cent and a currency-neutral basis increase of 18 per cent compared to Q3 FY22, the company said in its financial statement.

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