Nike Reveals Profit Increases and Future Plans, Net Revenue More Than $8 Billion USD
Expect a “relentless flow of innovation.”
Newly released financial figures have revealed a positive third quarter for Nike, Inc. which reported rises in revenues and profits thanks to increased global consumer demand. For the period ending February 28, the brand saw a five percent increase in net revenue to $8.4 billion USD and the athleisure titan’s net income also grew to $1.1 billion USD, marking an increase of 20 percent. This growth has been attributed to double-digit sales growth in markets including Western Europe and China, while the popularity of sectors such as sportswear and the Michael Jordan brand also helped.
Commenting on the results, Nike’s president and CEO Mark Parker said a “diverse global portfolio” had allowed for positive momentum, while he also promised a “relentless flow of innovation” in the months to come as Nike speeds up its product creation cycle and trims underperforming product lines. All of which lays down the gauntlet to Nike’s rivals. For the latest from the brand — including this week’s “Vision-Airs” exhibition in Hong Kong — click here.
