Revenue for Converse totaled $463 million, down 2 per cent on currency-neutral basis, mainly driven by double-digit growth in Asia and digital which was more than offset by declines in the US and Europe. Revenue growth was driven by broad-based strength across all geographies as well as Nike Direct, led by digital.
Gross margin increased 130 basis points to 45.1 per cent primarily driven by higher average selling prices, favourable changes in foreign currency exchange rates and growth in NIike Direct, partially offset by higher product costs.
“In Q3, our team once again drove strong, healthy growth across NIKE’s complete portfolio,” said Mark Parker, chairman, president and CEO, Nike, Inc. “Our business momentum is being accelerated by our ability to scale innovation at a faster pace and expand new digital consumer experiences around the world.”
Diluted earnings per share for the quarter were $0.68 driven by strong revenue growth and gross margin expansion, partially offset by higher selling and administrative expenses. In the prior year period, diluted loss per share reflected the enactment of the US Tax Cuts and Jobs Act which has impacted comparability with the current period.
Net income was $1.1 billion in the third quarter and diluted earnings per share was $0.68 driven by strong revenue growth, gross margin expansion, the lower effective tax rate and a lower average share count, which were slightly offset by higher selling and administrative expenses.
“The Consumer Direct Offense is delivering broad-based growth across all four of our geographies, led by continued momentum in China,” said Andy Campion, executive vice president and chief financial officer, Nike, Inc. “We will continue investing in key capabilities to drive Nike’s digital transformation and fuel strong profitable growth into next fiscal year and beyond." (RR)
Fibre2Fashion News Desk – India
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