Nike Releases Its Phenomenal 2016 First Quarter Earnings of $8.4 Billion USD
Mark Parker makin’ it rain.
If there was any doubt about Nike’s position as one of the world’s preeminent brands, its recently released figures of $8.4 billion USD in sales in this year’s first three months should erase any and all remaining uncertainty. Greatly surpassing the estimates of industry analysts, the brand’s revenue was 5% higher than the same period last year, while shares, which were valued at around $124 USD each, increased by 5%, or $1.34 USD each, immediately after the announcement. Underlining the stellar performance of the brand has been the decline of the Dow Jones by 10%, while Nike’s stock rose 19%. “Our relentless pace of growth is driven by our proven strategy of putting the consumer first, obsessing innovation in everything we do and leveraging our powerful portfolio, said CEO Mark Parker following the news. “We’re well-positioned to continue to deliver long-term growth that is both sustainable and profitable.”
