NIKE brand apparel revenue, excluding foreign exchange, increased 6% in fiscal 2022, ended May 31.
Primarily, these revenues were driven by growth in men’s apparel.
The company‘s apparel sales per unit were flat, with the increase in average selling price (ASP) per unit contributing approximately 6 percentage points to apparel revenue growth.
Also, the increase in ASP per unit was primarily due to higher full-price and NIKE Direct ASPs.
Meanwhile, on a currency-neutral basis, NIKE branded footwear revenue increased 4% for fiscal 2022, driven by growth in NIKE Direct, partially offset by a decline in its wholesale business.
Footwear unit sales declined 3%, while higher ASP per pair contributed to footwear revenue growth of approximately 7 percentage points.
Financial results of NIKE
(1)The percent change excluding currency changes and the presentation of wholesale equivalent revenues represent non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” for further information. (2)Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. (3)Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through our central foreign exchange risk management program.More than anything else, the increase in average selling price per pair was due to higher NIKE Direct average selling price, the favorable impact of growth in our NIKE Direct business, higher average wholesale price, net of discounts, and higher wholesale mix.
On a currency neutral basis, NIKE revenue increased 6% in FY2022, driven by higher revenue in EMEA (Europe, Middle East and Africa), North America and APLA, partially offset by lower revenue in Greater China.
Higher revenues in EMEA and North America each contributed approximately 3 percentage points to NIKE, Inc. revenues and APLA contributed approximately 2 percentage points, while lower revenues in Greater China reduced NIKE, Inc. revenues by approximately 2 percentage points.
NIKE Direct revenue reportedly accounted for approximately 42% of its total NIKE brand revenue in fiscal 2022, compared to 39% in fiscal 2021.
NIKE brand digital sales were $10.7 billion in fiscal 2022, compared to $9.1 billion in fiscal 2021.
On a currency neutral basis, NIKE Direct revenue increased 15% for fiscal 2022, driven by NIKE Brand Digital sales growth of 18%, comparable store sales growth of 10%, in part due to improved physical retail traffic, and the addition of new stores.