Athletic footwear and apparel retailer Nike saw a minimal decline in net income and a slight increase in revenue in the first quarter of FY24.

Revenue increased 2 per cent to $12.94 billion, while net income slid 1 per cent to $1.45 billion.  

The Nike brand’s total revenue grew 3 per cent to $12.35 billion, thanks to sales growth in Europe, the Middle East and Africa (EMEA), Greater China, Asia Pacific and Latin America, offset by revenue in North America.

Converse’s revenue tumbled 9 per cent to $588 million due to a decline in North America, partially offset by growth in Asia.

The company’s gross margin declined to 44.2 per cent.

“Our first-quarter results demonstrated the impact of staying on the offense over the past fiscal year,” said Matthew Friend, EVP and CFO at Nike.

“With a healthy marketplace and another quarter of brand and business momentum, we are strengthening our foundation for sustainable, profitable, long-term growth.”