Nike Q1 Net Income Falls 28% to $1.1 Billion as Margins Compress on Elevated Discounting
Core Highlights: - Net income decreased 27.5% to $1,051 million compared to the prior year. - Gross margin increased 120 basis points to 45.4%. - Revenues decreased 10% to $11,589 millionRevenue Breakdown: Nike Brand:. - Footwear revenue decreased 10% on a currency-neutral basis. Units down 10%, ASP flat.- Apparel revenue decreased 9% on a currency-neutral basis. Units down 12%, ASP up 3%.- Nike Brand wholesale revenue down 7% on a currency-neutral basis.- Nike Direct revenue down 12% on a curre