Blog: Nike continues to do it
Leonie Barrie | 20 December 2007
Athletic shoe and clothing powerhouse Nike has proved that a combination of geographic diversity, coupled with a range of brands and prices, is enough to help it weather the storm in an uncertain economic environment. Its second-quarter results released yesterday were better-than-expected, with profit up 10% to $359.4m and revenues rising by 14% to $4.34bn.
Overseas growth was strongest, with European sales up 18% and Asian-Pacific sales growing 17%, but significantly, the company even managed to pull ahead in the US where sales rose by 7% despite a general slump in demand for athletic shoes among US mall-based retailers and fears of an economic slowdown.
More importantly, this growth looks like it will be sustained in coming quarters. In China the company has huge expectations for next year’s Olympics in Beijing, and in Europe there is the Euro 2008 soccer tournament to boost sales.
And its customers seem to agree. Global orders for delivery of shoes and apparel from this month to April of next year are up 13% , Nike said, to $6.5bn.
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