Nike increases it’s profits by quarter

Sportswear maker Nike reported a 24% increase in profit from selling more high end shoes and clothes.

Sportswear maker Nike reported a 24% increase in profitThe company said net income rose to £550 million in the three months to the end of May, an increase from £465 million a year earlier.

The results were better than many analyst expectations’.

Nike saw growing demand from its basketball shoes- particularly in the US, as well as running shoes, including brands such as Lunar and Free.

Its Converse brand also saw rising sales.

The company’s largest market, North America, saw sales rise by 13% in the quarter.

This helped offset the effect of the stronger dollar which dampened earnings elsewhere.

President and chief executive Mark Parker described the past year overall as “outstanding”.

The company’s shares were up 2.3% at $107.63 in after hours trading on Wall Street.

On the conference call to discuss the earnings, Mr Parker pointed to its women and youth ranges as areas for growth.

Women were keener to buy their sportswear online, with female products outstripping men’s at Nike.com.

Nike, Inc. is one of the world’s largest suppliers of athletic shoes and apparel and a major manufacturer of sports equipment. In 2014 the brand alone was valued at over £12 billion, making it the most valuable brand among sports businesses.

June 25, 2015  Tags: , , , , ,   Posted in: Business Profits, Business Sales, Business Win, Global Business, Sporting Success, Uncategorized, Winning Business

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