Summary
NIKE, Inc.'s fiscal year 2021 filing indicates a strong recovery and significant growth, with revenues reaching a record $44.5 billion, a 19% increase year-over-year. This performance was driven by a robust rebound across all geographic segments, particularly in NIKE Direct, which saw a 30% increase on a currency-neutral basis, fueled by a 60% surge in digital sales. The company demonstrated improved profitability, with income before income taxes increasing by 131% and gross margins expanding by 140 basis points. This was attributed to higher revenues, favorable product margins, and efficiencies gained from lower demand creation expenses and the annualization of COVID-19 impacts. NIKE also maintained a strong liquidity position with substantial cash reserves. Looking ahead, NIKE is focused on its "Consumer Direct Acceleration" strategy, aiming to further enhance consumer experiences through digital platforms and strategic retail partnerships, align product offerings around consumer needs (Men's, Women's, Kids'), and unify technology investments. The company is confident in its ability to achieve high single-digit to low double-digit revenue growth and mid-to-high teens diluted earnings per share growth by fiscal 2025.
Financial Highlights
49 data points| Revenue | $44.54B |
| Cost of Revenue | $24.58B |
| Gross Profit | $19.96B |
| SG&A Expenses | $13.03B |
| Net Income | $5.73B |
| EPS (Basic) | $3.64 |
| EPS (Diluted) | $3.56 |
| Shares Outstanding (Basic) | 1.57B |
| Shares Outstanding (Diluted) | 1.61B |
Key Highlights
- 1Record Revenue: Achieved $44.5 billion in revenue for fiscal year 2021, a 19% increase compared to the prior year.
- 2Strong Digital Growth: NIKE Direct revenue increased by 30% on a currency-neutral basis, with digital commerce sales growing by 60%.
- 3Profitability Improvement: Income before income taxes surged by 131% due to higher revenues, gross margin expansion, and operating leverage.
- 4Gross Margin Expansion: Gross margin increased by 140 basis points to 44.8%, driven by higher full-price product margins and favorable cost impacts.
- 5Robust Liquidity: Ended the fiscal year with $13.5 billion in cash and equivalents and short-term investments.
- 6Strategic Focus: Advancing the 'Consumer Direct Acceleration' strategy to enhance digital experiences, align product categories, and unify technology investments.
- 7Shareholder Returns: Resumed share repurchases under its authorized program, repurchasing approximately 4.9 million shares in fiscal year 2021.