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Nike 1Q net income rises 38 per cent on strong demand for Nike brand, growth in most regions

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  • Nike 1Q net income rises 38 per cent on strong demand for Nike brand, growth in most regions

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    Nike 1Q net income rises 38 per cent on strong demand for Nike brand, growth in most regions By The Associated Press | The Canadian Press – Thu, 26 Sep, 2013
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    BEAVERTON, Ore. - Strong demand for Nike's shoes and apparel in North America and Europe, as well as price increases in regions around the world, helped the athletic goods maker's net income rise 38 per cent in the fiscal first quarter.
    nike Results beat expectations and the company's shares rose 6 per cent in aftermarket trading.
    cheap nike shoes Nike has been dealing with Europe's fluctuating economy and a slowdown in growth in China. The company has been working to reduce its inventory in China and reworking its offerings there to adapt to the changing tastes of Chinese consumers. In a call with analysts, the company said it expects China revenue to grow in the second quarter and be roughly flat for the year as it works to turnaround results.
    Nike Factory Outlet "We continue to make progress on repositioning this market for long-term sustainable growth," said CEO Mark Parker.
    nike outlet running shoes Meanwhile, Nike has been enjoying strong demand in its largest market, North America, where it has been selling off less profitable brands like Umbro to focus on core brands like Nike and Converse. All categories except golf grew in North America during the quarter.
    Nike Air Max Nike Inc. said Thursday its net income for the three months that ended on Aug. 31 rose to $780 million, or 86 cents per share. That compares with net income of $567 million, or 63 cents per share a year ago. That beat analyst expectations of 78 cents per share, according to research firm FactSet.
    <a href="http://www.nikeoutlets.us">nike shoes outlet stores</a> Net income was helped by easing costs for raw materials and selling fewer items at a discount, partly offset by higher labour costs and the stronger dollar.
    The company, based in Beaverton, Oregon, says revenue rose 8 per cent to $6.97 billion. Analysts expected revenue of $6.96 billion. Nike brand revenue rose 7 per cent to $6.5 billion and was higher in running, basketball, soccer and men's training. That offset a slight decline in sportswear. Converse revenue rose 16 per cent to $494 million.
    Revenue rose in all regions except China, where revenue fell 3 per cent to $574 million.
    Europe was a bright spot. Revenue in Western Europe rose 8 per cent to $1.3 billion, and revenue in Central and Eastern Europe rose 10 per cent to $366 million. North America revenue rose 9 per cent to $3.14 billion.
    Orders for goods scheduled to be delivered between September and January 2014 rose 8 per cent.
    Shares rose $4.27 to $74.61 in aftermarket trading, after closing the regular trading day up $1.42, or 2 per cent, at $70.34. The stock has traded between $44.83 and $70.56 over the past year.
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