United States Of America : Q1FY17 sales up 8% at sports goods retailer Nike

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Q1FY17 sales up 8% at sports goods retailer Nike

29
Sep '16

For the three months ended August 31, 2016, sales at sports goods retailer Nike grew 8 per cent year over year to $9.1 billion, but was up 10 per cent on a currency-neutral basis. Nike brand sales were up 10 per cent on a currency-neutral basis at $8.5 billion, while that of Converse were $574 million, a rise of 4 per cent, also on a currency-neutral basis.

According to the company, Nike brand sales were driven by double-digit growth in China, Europe and Japan, while that of Converse came from growth in North America, slightly offset by declines in Europe and Asia Pacific.

For the first quarter of fiscal 2017, gross margin declined 200 basis points from a fiscal ago quarter to 45.5 per cent from higher average selling prices, offset by foreign exchange, a higher off-price mix and the impact of exiting the golf equipment business.

Diluted earnings per share in the reporting quarter stood at $0.73, an increase of 9 per cent over the prior fiscal's first quarter. This growth came through various factors like a lower effective tax rate and a lower average share count, offset by a gross margin dip and higher demand creation expense at the Olympic games. (AR)

Fibre2Fashion News Desk – India

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