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Nike didn’t become a $25 billion brand overnight. Fostering customer loyalty, deep consumer relationships, along with a relentless focus on innovation have all contributed to the global success of this iconic brand.
“Innovation at Nike goes beyond product,” Nike CEO Mark Parker said during the Sept. 24 first-quarter earnings conference call, according to Seeking Alpha. “And digital is a great example. Digital is an accelerator throughout Nike. It’s a platform that enables new ways of working and new methods of manufacturing. It drives how we connect with consumers, how we serve them, and how we engage with one another. It helps to fuel our growth by serving our consumers whenever they want Nike products for any sport all over the world. Our digital ecosystem delivers a connected growing community, personal real-time engagement, and easier access to the product they love head to toe. We stand alone because we connect all three to give the most holistic premium experience to the consumer. And when we serve the consumer better through digital, we drive growth.”
First-quarter revenue increased 5%, to $8.4 billion.
“Ultimately, Nike continues to succeed because of the deep relationships we have with the athletes and the consumer,” Parker explained. “Relationships we know we must earn every day. And we have a thoughtful long-term growth plan which we continue to execute at the highest level. We invest in our biggest opportunities and we have built a diversified portfolio to give us the flexibility to pull the right levers at the right time to maximize growth. Our powerful portfolio of categories, geographies, brands and channels across men’s, women’s, and young athletes is one of our greatest competitive advantages.”
Parker admits that Nike isn’t immune to the macroeconomic challenges that all businesses are facing.
“We’re best positioned and best resourced to navigate the short term and thrive for the long term,” he said. “Nike is on a relentless pace and we have no intention of slowing down. Leveraging our portfolio is one way we sustained growth. The other, of course, is through innovation. We showed the power of our scale this quarter as we share our technologies from one category to another, and from one brand to another. This is how innovation can create separation and this is something only Nike can do.”
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