Blog: Nike sprints ahead
Leonie Barrie | 27 June 2007
The future’s looking bright for Nike. In its fourth-quarter results report, the world’s largest athletic shoe maker today said profit jumped 32% on strong gains in overseas markets and subsidiary businesses, while forward orders due for delivery between June to November surpassed expectations by rising 12%.
Most importantly, it seems the company will be able to maintain this momentum. Nike says China is poised to become its second-largest market in a few years, with the positive effect of rising incomes and sporting events igniting consumer spending on athletic footwear and clothes. And demand is likely to rise even more in the second half of the coming year against the backdrop of the Beijing Olympics.
The company is also benefiting from offering its product within a wider array of retail stores than in the past, and has already made concrete plans to capitalise on this success. Not only does it intend to diversify its retail business even further in the future, including around 100 of its own independent sites, but the recently announced House of Hoop basketball stores with Foot Locker will generate significant sales growth in this specialist market.
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