Wednesday, 4 January 2017

Nike reports increase profits


Nike has announced better than expected quarterly figures defying expectations from some analysts.
The US company saw a six-per-cent rise in revenues in the period between September and November 2016 in comparison to the previous year, while profits rose by 11 per cent.
Global consumer demand drove revenue growth across the Nike brand portfolio.
Mark Parker, Nike Inc chairman, president and CEO, said: “Nike’s ability to attack the opportunities that consistently drive growth over the near and long term is what sets us apart. “With industry-defining innovation platforms, highly anticipated signature basketball styles and more personalised retail experiences on the horizon, we are well-positioned to carry our momentum into the back half of the fiscal year and beyond.”
Some stock market experts had predicted a fall in profits for the second quarter of Nike’s business year.
However, Nike’s fiscal second-quarter sales were fuelled by strength across global markets, in both footwear and apparel.
Nike reported that revenues increased six per cent to $8.2 billion, up eight per cent on a currency neutral basis and net income increased seven per cent to $842 million, while diluted earnings per share increased 11 percent to $0.50.

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