The company’s selling and administrative expense fell 3% to $4bn. Credit: Audio und werbung/Shutterstock.

Global athletic footwear and apparel brand NIKE has reported revenues down 8% on a reported basis and 9% on a currency-neutral basis to $12.4bn in the second quarter (Q2) of fiscal 2025 (FY25).

Net income was $1.16bn in Q2 FY25, a decline of 26% compared to $1.57bn in the same period a year previously.

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For the second quarter ended 30 November 2024, NIKE Brand revenues were $12bn, down by 7% on a reported basis and down 8% on a currency-neutral basis due to drop across all geographies.

During the period, Nike Direct revenues were $5bn, down 13% on a reported basis and down 14% on a currency-neutral basis.

The company attributed the dip to a 21% decrease in Nike Brand Digital and a 2% decrease in Nike-owned stores.

Nike’s wholesale revenues during the second quarter were $6.9bn, down 3% on a reported basis and down 4% on a currency-neutral basis.

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Revenues for the Converse brand were $429m, a decline of 17% on a reported basis and down 18% on a currency-neutral basis, driven by declines across all territories.

Its gross margin fell 100 basis points to 43.6%, mainly due to higher discounts and channel mix changes which were partially offset by lower product input costs as well as lower warehousing and logistics costs. The company’s selling and administrative expenses were down by 3% to $4bn.

During the period, the company’s diluted earnings per share were $0.78, a dip of 24%.

Nike president and CEO Elliott Hill said: “After an energising 60 days of being back with my NIKE teammates, our clear priority is to return sport to the centre of everything we do.

“We’re taking immediate action to reposition our business, so we can get back to driving long-term shareholder value. Our team is ready to go, and I’m confident you will see more moments of NIKE being NIKE again.”