Nike’s Q4 revenues declined 1 per cent Y-o-Y to $12.2 billlion. Direct revenues increased 7 per cent to $4.8 billion during the quarter compared to earlier while wholesale revenues declined 7 per cent compared to a year earlier. The brand’s gross margins for the quarter declined 80 basis points to 45 per cent. Nike’s revenues for the full fiscal 2022 increased 5 per cent to $46.7 billion. Revenues for the brand Nike increased 5 per cent to $44.4 billion on a reported basis. Direct revenues increased 14 per cent on a reported basis led by 18 per cent growth in Nike’s digital operations. Revenues from Nike-owned stores grew 10 per cent.

Nike’s gross margin during the full year increased 120 basis points to 46.0 percent, primarily due to margin expansion in its Nike’s direct business, a higher mix of full-price sales and favorable changes in net foreign currency exchange rates, including hedges, partially offset by elevated freight and logistics costs and higher inventory obsolescence reserves in Greater China in the fourth quarter.