US: Nike Q4 profit outstrips expectations
- Q4 profit up 14% to US$594m
- Revenues up 14% to $5.8bn
- Growth driven by North America, China
Sporting goods giant Nike beat analyst expectations with double-digit rises in fourth quarter profit and revenues, fuelled by growth in North America and China.
The US company reported growth in all regions except Japan and central and eastern Europe in the three-month period to 31 May, but gross margins were reduced by escalating product costs.
Futures orders for the period from June to November were up 15% on last year’s low figure to $10.3bn, with the strongest projected growth in Greater China, emerging markets and North America.
Nike’s full-year net income was up 12% to $2.1bn, on revenues up 10% to $20.9bn.
“In fiscal year 2011, we delivered exceptional results in extraordinary times,” said Mark Parker, Nike president and CEO.
“Our business is organised to drive growth across multiple brands, geographies and categories, as we manage through the ever-changing macroeconomic climate.
“The global appetite for sports has never been stronger.”
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