US: Nike hails “great quarter” as Q3 profit rises
- Q3 underlying profit up 2% to US$496m
- Revenues up 7% to $4.7bn
- Continued upturn in futures orders
Sporting goods giant Nike hailed its fiscal third quarter as “great” after underlying net profit edged up 2% to US$496m.
The US company’s revenues increased 7% to $4.7bn in the three months to 28 February, and it pointed to a 9% increase in global futures orders to $7.1bn, covering the March to July period.
Most of the company’s global divisions recorded revenue increases, with North America moving up 1% to $1.7bn on improved apparel sales, although footwear revenues were slightly down.
Revenues in Western Europe rose 4% to $929m on strong footwear sales, although EBIT was flat at $199m.
Central and Eastern Europe registered a revenue decline, falling 8% to $272m, with EBIT nearly halved to $50m.
Revenue in Japan also fell 7% to $213m, but growth continued in Greater China, with a 10% increase in revenues to $458m.
Finally, Nike’s emerging markets showed robust growth, with revenues up 43% to $509m and EBIT surging 72% to $122m.
“We had a great quarter,” said Mark Parker, Nike president and CEO.
“Today’s results reinforce our belief that when we connect with consumers in deep and meaningful ways from product concepts to how they experience our brands, we win in the marketplace and drive sustainable, profitable growth.”
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