Currency effects wipe $20m off Nike’s Q3 profit - sportstextiles: Lea SportsTextiles

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Currency effects wipe $20m off Nike’s Q3 profit

24/03/2015
Currency effects wipe $20m off Nike’s Q3 profit
US sportswear brand Nike has reported the year-over-year change in foreign currency-related gains and losses combined with the impact of changes in exchange rates decreased pre-tax income by $20 million in its third quarter.

Revenues rose 7% to $7.5 billion in the three months, driven by growth in every geography and in most key categories.

Revenues for Converse were $538 million, up 33% on a currency neutral basis, mainly driven by continued growth and timing of shipments in North America, the transition to direct distribution in AGS (Austria, Germany, Switzerland) and growth in the Direct to Consumer (DTC) business.

“Our strong third quarter results show that our growth strategies are working, even under challenging macroeconomic conditions,” said Mark Parker, Nike’s CEO. “Nike has the ability to deliver consistent shareholder value due to the strength of our brand, our relentless commitment to innovation and our powerful portfolio that allows us to invest in the opportunities with the highest potential for growth as well as manage risk.”

Image: Kenyan national team athletes Linet Masai, Loice Chemnung, Agatha Jeruto Kimaswai and Purity Cherotich Kirui train in Nike Free

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