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Nike's quarterly profits leaps 32%, walking tall next year

20
Sep '05
Oreland based famous footwear maker Nike Inc registered 32 percent leap in quarterly profits £239.4 million in the three months to the end of August on strong sales in key US markets.

Marked recovery this quarter over poor last quarter sales that posted slowest revenue rise in nine quarters, bamboozled Wall Street then.

On plus side, is the order position for January and the following months that show 11 percent growth over last year.

US athletic footwear business raced 11 percent in total US sales on revenues that pushed up to about 8 percent at £2.2 billion that include clothing & other merchandise sales.

Other areas like Asia and Europe showed 13 and 5 percent respective rise in revenues even as weak dollar upped value of overseas sales.

However, US market in the last quarter fared poorly, showing 3 percent overall revenue gain, and 7 percent rise in US athletic footwear sales.

Strong demand for premium shoes like Shox running shoe, and Starter brand on the lower band sold at Wal-Mart helped shore revenues at Nike.

Now, Nike faces a double competition, as Germany's Adidas picked Reebok International that will garner bigger slice for Adidas in American markets.


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