The US sportswear giant and the world’s biggest athletic shoemaker, Nike Inc., has announced that its third-quarter earnings rose 36 per cent. The growth in earnings was attributed to demand for apparel and tis Shox sneakers in the US and Asia.
The company’s net income grew to $273.4 million (GBP 198.55 million) from $200.3 million the year before. Sales for the quarter ending 28 February shot up 14 per cent to $3.31 billion.
Sales in the US were boosted by the expansion of the Shox brand and the introduction of apparel, including women’s dancewear. The US is the company’s biggest market, while Asia is its fastest growing market.
“This was our sixth consecutive quarter of double-digit revenue and earnings per share growth. These consistently strong results were driven by excellent performance across geographies and brands, coupled with favourable trends in foreign exchange rates. In addition to another strong quarter for our U.S. business, emerging international markets such as China, Russia and Brazil produced significant growth. While the core Nike Brand fueled the majority of our growth, Nike Golf, Converse and Cole Haan were also major contributors to our positive results,” said Chief executive Bill Perez, who is expected to continue expanding the business abroad and acquiring brands like Converse to broaden the Nike product range.
John Lewis, president of Chadds Ford, a Pennsylvania-based Gardner Lewis asset management company which manages over $3 billion in assets including 268,300 Nike shares – as of September – said: “(Nike’s) business is strong across the board. Internationally the business is still very robust.”
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