Nike shared its results for the third quarter of its 2025 fiscal year yesterday, revealing that revenues were down to $11.3 billion, down by nine percent as compared to last year.
The Swoosh's revenue decline stretched across the brand, with its direct-to-consumer sales decreasing to $4.7 billion and its wholesale business down to $6.2 billion.
Nike also confirmed that its subsidiary brand Converse saw a decrease to $405 million in revenue, an 18 percent decline compared to the prior year.
It's worth mentioning this was Nike's first quarter under CEO Elliott Hill after returning to the brand in October. Despite the decline in revenue this quarter, Hill remained confident in his "Win Now" strategy, including refocusing its product offerings beyond its classic styles while also introducing new innovations.
"Our outlook for the second half of fiscal 2025 driven by our 'Win Now' actions remains consistent with what we communicated last quarter," Nike, Inc.'s executive vice president and chief financial officer, Matthew Friend, said. "The operating environment is dynamic, but what matters most for Nike is serving athletes with new product innovation and re-igniting brand momentum through sport."
