Nike’s Q1 revenues were down 10% year on year. (Aaron M. Sprecher/Getty Images)

Global sportswear and sports equipment giant NIKE saw a 10% fall in revenues year-on-year in the first quarter of the 2025 fiscal year.

Nike, in reporting its Q1 financials yesterday (October 1), noted revenues of $11.6 billion (on a reported basis) for the three months up to August 31 this year. Direct revenues were also down year-over-year (YoY), by 13%.

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These results have been unveiled in the context of Nike being in the process of replacing its retiring president and chief executive John Donohoe with Elliott Hill.

Hill, who held various senior leadership roles at Nike before initially retiring in 2020, will take over those positions on October 14.

Net income also dropped YoY, from $1.45 billion in Q1 2024 to $1.05 billion this year.

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In terms of regional results, North America saw an 11% drop in revenue, while in Europe, the Middle East, and Africa that figure was 12%.

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Of the various product ranges offered, meanwhile, there were significant revenue falls across both footwear and apparel and a rise from $531 million to $603 million in equipment.

Matthew Friend, chief financial officer and executive vice president of Nike, said: “Nike’s first quarter results largely met our expectations. A comeback at this scale takes time, but we see early wins — from momentum in key sports to accelerating our pace of newness and innovation. Our teams are energized as Elliott Hill returns to lead Nike’s next stage of growth.”

Over recent years, under Donohoe’s leadership, sales at Nike have weakened, and its previous set of quarterly financials saw the company announce a 2% decline in revenues.

Indeed, alongside this latest set of financials, Nike also announced it was postponing an investor day previously set for next month, and withdrew from its annual revenue forecast.

Following in-market trading, the brand’s share value dropped by 6%.

Rather than annual guidance, Nike provided outlook for the September-November Q2, projecting a drop in sales of between 8% and 10% – steeper than had been predicted by analysts.

In February, Nike disclosed that it would be cutting around 2% of its global staff, equating to just over 1,600 jobs. In total, Nike is aiming to save around $2 billion in costs over a three-year cycle.

So far, the brand’s stock has fallen by 18% this calendar year.