Earnings up 51% at Nike
Nike, Inc. has reported higher revenue and earnings for its first quarter ended August 31.
Revenue was up 11% to $4.7 billion compared with $4.2 billion for the first quarter of 2006. Net income increased 51% to $569.7 million compared with $377.2 million in the prior-year period.
President and CEO, Mark Parker, said, “We have an aggressive growth plan to achieve $23 billion in revenue by fiscal year 2011, and we're well on our way.”
Revenues for the quarter increased 2% in the
Apparel revenues were highest in the Asia Pacific region (+20%) and lowest in the
Revenues from its other businesses, which include Converse, Nike Golf, Cole Haan, Nike Bauer Hockey, Hurley International and Exeter Brands Group, grew 12% to $628.7 million from $560.4 million last year.
The company has also announced that it is considering the sale of Nike Bauer Hockey. Commenting on the anticipated sale, Parker said: “We are focused on investing our resources where we will achieve the greatest returns.”
