Nike has reported its financial results for the second quarter of fiscal 2025, when revenues were down 8% to US$12.4 billion.
Credit: Nike
Revenues for the Nike brand were US$12 billion, with a drop of 7%, while Nike Direct declined 13% to US$5 billion. Wholesale revenues fell by 3% to US$6.9 billion and Converse had a drop of 17% to US$429 million.
The company reported a gross margin of 43.6%, with a decline year-on-year. Meanwhile, net income came in at US$1.2 billion, down 26%.
Senior management at Nike reported that the priority is to return focus to sport products and “reposition the business” in response to the declines.
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