Nike, Inc. has beat profit expectations, reporting Tuesday that fiscal 2023 second quarter revenues were $13.3 billion for the three-month period ended November 30, up 17% compared to the prior-year comparable period and up 27% on a currency-neutral basis.
Overall revenues for the Nike brand were $12.7 billion, up 18% on a reported basis and up 28% on a currency-neutral basis, with strong growth across all geographies and channels.
Revenues for Converse were $586 million, up 5% on a reported basis and up 12% on a currency-neutral basis, led by double-digit growth in North America, partially offset by declines in Asia.
Shares in the world’s largest sportswear maker surged 13% in after-market trading, Reuters reports.
Nike’s finance chief Matthew Friend said on a post-earnings call the company had made good progress in clearing inventory during the quarter, and that products for the spring season were arriving earlier with faster transit times.
He added that the company saw record demand during the Black Friday and Cyber Monday period in North America, while in Europe, Middle East, and Africa regions, Nike saw its biggest Cyber Week with demand having increased by 75% from last year.
