Nike brand revenues increased by 1% to $12.9bn. Credit: Giorgio Trovato on Unsplash.

Multinational athletic footwear and apparel brand NIKE has reported net income of $1.6bn in the second quarter (Q2) of fiscal 2024 (FY24), up 19% from the same period in FY23.

The company’s diluted earnings per share grew 21% from the previous fiscal quarter to $1.03 in Q2 FY2024.

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During the quarter ending 30 November 2023, revenues of Nike were $13.4bn, up 1% on a reported basis against the same quarter of the previous year, but declined 1% on a currency-neutral basis from Q2 FY23.

Nike brand revenues increased by 1% to $12.9bn in Q2 FY24, driven by Nike Direct revenues that grew 6% to $5.7bn during the quarter.

Digital sales of the Nike brand rose by 4% on a reported basis and 1% on a currency-neutral basis over the period.

Revenues for the Converse brand were $519m in Q2 FY24, a decrease of 11% from the same period a year ago as sales declined in North America and Europe.

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Nike’s wholesale revenues also declined 2% on a reported basis to $7.1bn in Q2 FY24.

Its gross margin increased by 170 basis points to 44.6% over the quarter.

Nike president and CEO John Donahoe stated: “Our Q2 results demonstrated how we are getting back on our front foot in our key areas of innovation and growth.

“This quarter showed strong execution by our team as we focus on our winning formula of innovative product, distinctive storytelling and differentiated marketplace experiences.

“We see an outstanding opportunity to drive long-term profitable growth. Today we are embracing a company-wide journey to invest in our areas of greatest potential, increase the pace of our innovation and accelerate our agility and responsiveness.”