Nike Q2 Results Driven By Global Sales
Dec. 18, 2008: Nike is closely associated with the game of basketball, so its Q2 financial results can be called somewhere between a slam dunk and an air ball. The Beaverton, Ore.-based company reported Wednesday (Dec. 17) that global net income grew 8.8% "on higher sales and margins," but much of the revenue gain came from overseas sales. U.S. footwear revenues increased 1% to $993.5 million but that apparel revenues fell 3% to $449.8 million and overall U.S. revenues decreased 1% to $1.51 billion. Nike also reported that for the second quarter, revenue from its other businesses, which includes Cole Haan, Converse, Hurley International, Nike Golf and Umbro, decreased 4% to $564.5 million. “Our second quarter results demonstrate the power of the Nike brand and the diversity of the Nike, Inc. portfolio,” Mark Parker, president and CEO at Nike, Inc., said in a statement. “In challenging times like these it’s especially important to stay focused on what we do best – delivering the most innovative and relevant product, strengthening our relationship with consumers and driving excellence into every area of our business. That’s how we continue to lead the industry, take market share from competitors and grow our business. I see the current state of our industry and the world as an incredible opportunity for Nike to be a better and stronger leader, and we’re going to seize that opportunity." Back to Home Page
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