Blog: Nike picks ups its pace
Leonie Barrie | 19 December 2008
Nike continues to outpace the economy and its sportswear rivals, posting a 9% increase in second quarter profit to US$391m, and a 6% rise in sales to $4.6bn – helped by strong performances in its international markets. Even a 1% drop in US sales as retailers cancelled orders and delayed receipts couldn’t deflect from a 6% rise in Europe and a 22% and 21% revenue jump in Asia Pacific and the Americas respectively.
Future orders scheduled for delivery from December through April 2009, an important indicator of future demand, also took the market by surprise with a 6% jump excluding currency effects. And even as the global slowdown has accelerated, “we haven’t seen a worsening situation as we look at November going into December,” confirmed CEO Mark Parker in a conference call today.
Breaking down the futures figure, orders in the US were up 6% – driven by retailers’ demand for Nike and Jordan footwear – Asia Pacific was up 11%, and the Americas 6%, but EMEA, the region that includes Europe, the Middle East and Africa, was down 13%.
This also seems to bear out figures just released by market research company The NPD Group Inc, which show the European market for athletic footwear and apparel is being hit harder by current economic challenges than in the US. The downturn is said to be most noticeable in products intended for casual use.
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