Nike reported a 14 percent increase in revenues to $12.4 billion in the third quarter, compared to the previous year, with a 19 percent increase on a currency-neutral basis.

The Nike brand's revenues reached $11.8 billion, up 14 percent on a reported basis and up 19 percent on a currency-neutral basis, driven by double-digit growth in North America, EMEA, and APLA. Despite a challenging December following the shift in Covid-19 policies in China, revenue for the Nike brand in Greater China grew 1 percent on a currency-neutral basis. However, revenues for Greater China declined 8 percent on a reported basis.

Gross margin decreased 330 basis points to 43.3 percent, while net income was $1.2 billion, down 11 percent compared to the previous year, and diluted earnings per share were 79 cents, decreasing 9 percent.

Converse's revenues reached $612 million, up 8 percent on a reported basis and up 12 percent on a currency-neutral basis, led by double-digit growth across all channels in North America, partially offset by declines in Asia. Meanwhile, net profit for the quarter fell to $1.24 billion from $1.4 billion a year earlier.