Nike Net Gains 20% in Q3 but Outlook is Cautious
Net income increased 20% to $1,141 million from $950 million in the fiscal third quarter ended Feb. 28 on 5% higher revenues at $8,432 million vs. $8,032 million. The profit handily exceeded expectations for a small decline in the quarter, and extended NKE’s streak of gains to 17 quarters, but sales fell slightly short. The Nike brand grew 5% (+7% constant currency) to $7,923 million led by gains in Western Europe, Greater China and Emerging Markets regions and by Sportswear and Jordan Brand sales. DTC increased 13% driven by 18% growth in e-commerce with a larger share of sales coming ... Log in to view full article.