Saturday, 30 June 2018

Nike shares fly as sales momentum mounts in the most recent quarter

Nike is back in fashion in North America with a 3% rise in sales in the most recent quarter, propelling shares to a record high on Friday.

It was the first quarterly year-on-year increase for the US sportswear company in the vital North American division in more than a year.

Nike also said that sales growth this year would be better than previously expected.

"We have momentum," chief executive Mark Parker said.

Nike said total revenues rose 13% to $9.8bn, also better than analysts had forecast.
While North America is the most important region for the firm and accounts for about 40% of revenues, international business is fuelling growth.

In the most recent quarter, the biggest rise in sales was in Greater China, where revenue soared 25% year-on-year.

A Nike sports boot is pictured during an event to unveil their latest innovative sports products in New York on March 16, 2016.

BBC      News.

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