Nike has reported its financial results for the first quarter of the 2025 fiscal year, when revenues dropped 10% to US$11.6 billion (down 9% on a currency neutral basis).

Credit: Nike

Revenues for the Nike brand totalled US$11.1 billion, dropping by 10% and 9% respectively, while Nike Direct revenues were down 13% and 12% to US$4.7 billion.

Wholesale revenues came in at US$6.4 billion, down 8% reported and 7% currency neutral, while Converse revenues dropped 15% and 14% respectively to US$501 million.

The company reported that its gross margin grew to 45.4%, while net income totalled US$1.1 billion, dropping 28%.

Nike announced Elliot Hill as its new CEO from October 14, returning to the company and taking over from John Donahoe.

Chief Financial Officer Matthew Friend said: “Nike’s first quarter results largely met our expectations. A comeback at this scale takes time, but we see early wins — from momentum in key sports to accelerating our pace of newness and innovation.”