That Nike Store You Walked By Made $34 Million For Nike’s Stock

NKE: Nike logo

Nike (NYSE: NKE) is the largest athletic apparel company in the world. The company has achieved unparalleled growth in the apparel industry and is still going strong. This growth has been driven by upbeat performance for the retail (store) as well as direct to consumer (DTC) channels. Nike has been able to adapt to changing market dynamics quickly, with the company’s DTC (e-commerce as well as direct stores) segment witnessing tremendous growth over the last couple of years – helping Nike’s average store revenue cross $34 million in 2018.

Trefis compares average revenue per store for athletic apparel companies Nike, Under Armour and Lululemon in its interactive dashboard and concludes that Nike’s average per store revenue of $34 million in 2018 is more than 3 times the figure for competitor, Under Armour.

How Does The Average Revenue Per Store Of Athletic Apparel Companies Compare To Each Other?

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*Includes total revenues for calculation of per-store revenues

  • Athletic apparel companies refers to those companies that primarily sell sports apparel and footwear products. Although a large percentage of the products are worn for casual or leisure purposes, the focus of these companies is to develop sportswear products.
  • Among the athletic apparel companies, Nike has the highest average revenue per store of $34 million.
  • On the flip side, other athletic apparel companies are way behind, with Under Armour generating sales of $10.4 million per store while Lululemon was further behind at $7.5 million.

How Does The Store Count Of Athletic Apparel Companies Compare To Each Other?

  • Notably, Nike has the largest store count among the athletic apparel companies. Nike’s store count of 1,150 at the end of 2018 was more than double to that of Under Armour’s 498. Lululemon was further behind at 440.
  • However, over 2015-2018, Under Armour has been rapidly adding to its store count, with the company opening more than 150 new stores (net of closure).

How Has Nike’s Average Revenue Per Store Trended Over The Last Few Years?

  • Nike’s average revenue per store has increased 10% over 2015-18 – going up from $31 million in 2015 to $34 million in 2018.
  • Although Nike has opened 154 new stores over this time-frame, Nike’s revenue growth has comfortably outpaced new store openings.
  • Nike’s revenue has witnessed a growth of 21% over the last four years led by growth across NIKE Direct and wholesale, key categories including Sportswear and the Jordan Brand, and continued growth across footwear and apparel.


  • Under Armour Average Revenue Per Store Has Steadily Declined Over The Last Couple of years
  • Lululemon’s Average Revenue Per Store Has Seen Robust Growth Over The Years

Additional details about how average store revenues for Lululemon and Under Armours have changed over recent years are available in our interactive dashboard.

Conclusion: Nike is the market leader and has done well to consolidate its position over the years

  • Nike has achieved robust growth over the years and is showing no signs of slowing down.
  • Despite having a larger number of stores, Nike’s average revenue per store is significantly ahead of its peers.
  • Although Lululemon is growing at a faster pace than Nike, it has a smaller scale than Nike.
  • Given Nike’s outreach among the consumers and geographical penetration, it is highly unlikely that any other athletic apparel company would be able to match Nike’s position in the apparel market.

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