Innovation the key to Nike’s continuing growth - sportstextiles: Lea SportsTextiles

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Innovation the key to Nike’s continuing growth

22/03/2019
Sportswear group Nike achieved revenue of $9.6 billion in the third quarter of the financial year (period ended February 28), its latest earnings report has revealed. This represents growth of 11% on a currency-neutral basis compared to the same period of last year.

Its net income on this revenue was $1.1 billion.

Revenues for the Nike were $9.1 billion, up 12% year-on-year. The group said this was driven by growth across wholesale and direct-to-consumer, as well as categories like sportswear and Jordan brand sales. There was double-digit growth across both footwear and apparel.

The Converse brand brought in sales of $463 million, down 2% compared to the third quarter of last year. Double-digit growth in Asia and from the digital channel was more than offset by declines in the US and Europe. 

Discussing the results, Nike president and CEO Mark Parker said: “In Q3, our team once again drove strong, healthy growth across Nike’s complete portfolio. Our business momentum is being accelerated by our ability to scale innovation at a faster pace and expand new digital consumer experiences around the world.”

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