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Nike's revenues rise helped by fashion-led sportswear

Nike has reported a 15% rise in revenues to $8bn (£4.96m) for the three months to August 31, helped by demand for fashion-led sportswear.

Net income increased 23% to $962m (£590.3m). In western Europe revenues rose 25% to $1.7bn (£1.04bn). Revenues for the Nike Brand were $7.4bn (£4.5bn), and were $575m (£352.8m) for Converse. The group’s gross margin increased 170 basis points to 46.6%. 

Speaking to the Financial Times the company pointed to high double-digit growth across its womenswear division, with fashion-led sportswear wear at premium prices becoming more popular. Mark Parker, president and chief executive of Nike Inc, said the “athleisure” trend of wearing activewear outside the gym had contributed to Nike’s growth, particularly in western Europe.

Football, running wear and technology-led footwear also performed strongly.

But Nike highlighted Russia and Israel, higher inventory levels in Mexico and the weakening Brazilian economy as causes of concern.

Parker added: “Fiscal year 2015 is off to a strong start. Our connection to consumers and ability to innovate, combined with our powerful global portfolio, is a complete offense. Nike has never been better positioned to realize our tremendous growth potential.”

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