The third quarter revenues of global sportswear giant Nike Inc surged to $11 billion as footfalls at the US firm’s stores returned to normal levels. As per Fashion Network, Nike’s net income during the quarter ending February 28 declined 4 per cent to $1.4 billion, while diluted earnings per share were $0.87. Quarterly revenues increased 5 per cent to $10.9 billion compared to previous year and up 8 per cent on a currency-neutral basis. Direct sales surged by 15 per cent to $4.6 billion on a reported basis and by 17 per cent on a currency-neutral basis.

The brand’s wholesale revenues declined 1 per cent on a reported basis while they increased by 1 per cent on a currency-neutral basis. The brand’s growth in EMEA and APLA was offset by declines in North America and Greater China. Nike’s digital sales increased by 22 percent on a currency-neutral basis, led by 33 per cent growth in North America, EMEA and APLA, offsetting declines in Greater China.

Revenues surged 8 per cent on a currency-neutral basis to $10.3 billion led by 13 per cent growth in EMEA. Revenues for Converse increased by 2 per cent to $567 million, led by strong performance in North America and Europe, partially offset by declines in Asia. The brand’s profits were hindered by expense incurred in creating demand, Its total expenses surged by 20 per cent to $854 million, Most of these were spent in brand campaigns and continued investments in digital marketing to support digital demand. Nike’s operating overhead expenses also increased 115 to $2.6 billion, primarily due to strategic technology investments and wage-related expenses.