“Great” first quarter at Nike
Nike has posted improved sales and earnings for its first quarter ended August 31.
Revenues grew 8% to $5.2 billion during the quarter, with Nike brand sales also rising 8%. Its other businesses segment posted a 16% rise in revenues with Cole Haan, Converse, Hurley, Nike Golf and Umbro all experiencing growth during the quarter. Net income increased by 9% to $559 million.
“We had a great first quarter. It demonstrates the power of our growth strategy, which is to create innovative products, amazing brand experiences, and premium retail destinations wherever consumers connect with Nike,” said Mark Parker, president and CEO. “Going forward we’ll continue to maximise the flexibility, balance and alignment that we have built into our portfolio of brands and categories.
“Those strengths will help us navigate the continued uncertainty in the macro-economic picture. More importantly they help us leverage the global appetite for sports and innovation, which has never been stronger. That’s how we continue to grow our businesses, strengthen our balance sheet and increase our returns to shareholders over the long term.”
