Nike 1st quarter net income jumps
BEAVERTON, Oregon (AP) — Nike says its first-quarter net income rose 38 percent, boosted by strong demand for its namesake brand and revenue growth in every region except China.
The athletic goods maker says net income for the three months that ended on Aug. 31 rose to $780 million, or 86 cents per share. That compares with net income of $567 million, or 63 cents per share a year ago. That beat analyst expectations of 78 cents per share.
The company, based in Beaverton, says revenue rose 8 percent to $6.97 billion. Analysts expected revenue of $6.96 billion. Nike brand revenue rose 7 percent to $6.5 billion and was higher in running, basketball, soccer and men’s training. That offset a slight decline in sportswear. Converse revenue rose 16 percent to $494 million.