USA: Nike Q3 Profit Soars 61%

By just-style.com | 19 March 2004

Athletic footwear and apparel giant Nike Inc has posted a 61 per cent rise in third quarter net income to $200.3 million, up from $124.7m in the same period a year ago.

The Oregon-based company, which recently restored ties with its main US distributor Foot Locker Inc, also reported a 21 per cent rise in quarterly revenue to
$2.9 billion, up from $2.4bn in the previous third quarter.

According to CEO Philip Knight, the results represented "another great quarter" for the company.

"Top and bottom line results were again driven by healthy consumer demand for innovative products and the strength of Nike's diverse portfolio of business," he said.

"For the first nine months of the year, Nike's revenue has grown 14 per cent and earnings per share are up 29 per cent.

"As we look ahead, we are optimistic about the significant long-term growth opportunities for our company."

Third quarter growth was primarily fueled by favourable exchange rates and strong global demand.

Companies: Nike, Foot Locker