US-based sportswear brand NIKE has reported $46.7bn in full-year revenue for the fiscal year 2022 (FY22), up by 5% from last year and 6% on a currency-neutral basis.

For the 52 weeks to 31 March, Nike’s brand revenue grew by 5% to $44.4bn, while its revenues for Nike Direct were $18.7bn, up by 14% on a reported basis from FY21.

Driven by double-digit growth on a direct-to-consumer business, Converse revenues during the year also rose 6% to $2.3bn on a reported basis.

Nike also saw its gross margin increase by 120 basis points to 46.0% due to margin expansion in its Nike Direct business, a higher mix of full-price sales and other factors.

Its net income increased by 6% to $6.0bn and its diluted earnings per share (EPS) were $3.75, up by 5% from the prior year.

During the fourth quarter of FY22, Nike reported $12.2bn in revenue, down by 1% compared with the corresponding period OF the prior year.

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Revenues of its Nike Direct business were up by 7% to $4.8bn, while Converse’s revenues decreased by 1% to $593m from Q4 2021.

In addition, Nike’s wholesale revenues fell by 7% to $6.8bn compared with the prior-year period.

Nike president and CEO John Donahoe said: “Nike’s results this fiscal year are a testament to the unmatched strength of our brands and our deep connection with consumers.

“Our competitive advantages, including our pipeline of innovative products and expanding digital leadership, prove that our strategy is working as we create value through our relentless drive to serve the future of sport.”

Earlier this month, Nike announced plans to withdraw completely from Russia, making it the latest brand to exit the country since the start of its invasion of Ukraine.

The company suspended operations at all its Russian company-owned and company-operated stores in March.