Net income for the fiscal year ended July 31 inched down 1% to NZ$36,614,000 ($22.6 mm) from NZ$36,828,000 on revenue that improved 13% to NZ$1,102,994,000 ($682.1 mm) from NZ$979,802,000.

Nike retained its crown as the world’s most valuable apparel brand in the 2023 Apparel 50 ranking from Brand Finance, although its brand value declined 6% to $31.3 billion last year.

The sustainable sneaker maker has completed its first two international distribution deals, finalizing agreements for Canada and South Korea, as it looks to shift from a direct go-to-market model to third party distribution.

The biotechnology company began production at its 136,000-sq.-ft. factory in Union, SC, marking it as the world’s first full-scale alternative leather factory.