Global orders of clothing & footwear up at Oregon-based shoe maker
20 Mar '08
3 min read
NIKE Inc reported financial results for the third quarter ended February 29, 2008. For the quarter, revenue grew 16 percent to $4.5 billion, compared to $3.9 billion for the same period last year.
Changes in currency exchange rates increased revenue growth by 6 percentage points for the quarter. Third quarter net income grew 32 percent to $463.8 million, compared to $350.8 million in the prior year and diluted earnings per share increased 35 percent to $0.92, versus $0.68 last year.
"A year ago we established the goal of reaching $23 billion in revenues by our fiscal year 2011 and outlined our strategy for achieving that goal while continuing to deliver profitable, sustainable growth and outstanding returns to our shareholders," said Mark Parker, NIKE, Inc. President and Chief Executive Officer. "Our strong third quarter results, driven by sales gains across our diversified portfolio of categories, geographies, and brands, are a clear indication that our strategy is working and that we're on track to achieve our financial goals for this fiscal year and beyond."
Parker continued, "Over the past twelve months we've taken a number of important strategic steps to strengthen the performance and potential of our portfolio of products and brands, steps we believe create stronger platforms for growth and allow us to connect even deeper with consumers. More than ever, the consumer is at the epicenter of everything we do, and delivering the most innovative products and the most exciting consumer experiences is the key to our future growth."
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