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Nike misses revenue projections

29/06/2016
Sportswear manufacturer Nike recorded a 6% increase in revenues during the fourth quarter of the 2016 fiscal year. Total revenue of $8.2 billion fell short of Wall Street projections due to sluggish sales from North America. Revenues for the whole of Fiscal 2016 were up 6% to $32.4 billion.

“Our consistent growth is fueled by innovation, which is why fiscal 2016 was such a breakthrough year for Nike in everything we do,” said Mark Parker, president and CEO of Nike.

Sales in North America, which came in at $3.74 billion, were flat compared to the same period of 2015. Western Europe and Greater China saw growth of 19% and 18%, respectively. 

Revenue from Nike Brand products was up 8% on a currency-neutral basis to $7.7 billion off the back of double-digit growth in Western Europe, Greater China, emerging markets and Japan. Revenues for Converse grew 18% to $512 million.

“It’s a great time to be in sports, and the Nike Brand has never been stronger”, Mr Parker added.

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