Sportswear giant Nike has reported that its net income soared by 20 per cent to US $ 950 million in the third quarter of the fiscal. Revenue for the brand totalled US $ 7.6 billion (up 15 per cent on a currency neutral basis) driven by growth in every geography and nearly all crucial product categories.
In the period under consideration, gross margin at Nike was 45.9 per cent, flat compared to the same period last year. Sales for the company zoomed 15 per cent (in currency neutral terms) to US $ 7.6 billion. However, the Converse brand noticed 5 per cent dip in revenue to US $ 489 million. Diluted earnings per share surged 22 per cent to US $ 0.55, reflecting a 2 per cent decrease in the weighted average diluted common shares outstanding.
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“In the third quarter, Nike delivered robust and balanced growth across our expansive, powerful portfolio. We grow by serving the athlete personally every day and, as we unveiled last week, through breakthrough innovation that gives us a foundation for growth for years to come. Combined with our strategic investments, world-class execution and financial discipline, Nike consistently delivers value to our shareholders,” averred Mark Parker, President and CEO of the company.
