United States Of America : Net income surges 20% at Nike in Q3FY17

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Home / Knowledge / News / Apparel/Garments / Net income surges 20% at Nike in Q3FY17

Net income surges 20% at Nike in Q3FY17

24
Mar '17

For the third quarter ended February 28, 2017, net income at global sports goods and apparel retailer Nike surged 20 per cent year on year to $1.1 billion, while diluted earnings per share jumped 24 per cent to $0.68. Nike attributed it to selling and administrative expense leverage, higher other income and a lower tax rate, which offset lower gross margin.

In the third quarter of fiscal 2017, Nike reported revenues at $8.4 billion, up 5 per cent over a fiscal ago quarter and 7 per cent on a currency-neutral basis.

However, gross margin for the reporting quarter contracted 140 basis points year over year to 44.5 per cent over the third quarter of fiscal 2016 from unfavourable changes in foreign exchange rates and the impact of higher off-price sales.

Other income, net stood at $88 million in the quarter under review, comprised primarily of net foreign currency exchange gains, and to a lesser extent, non-operating items.

The effective tax rate was lower at 13.8 per cent as against 16.3 per cent for the same period in the previous fiscal. (AR)

Fibre2Fashion News Desk – India

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