Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Nike's spring orders set to boost poor profits

Sportswear giant Nike said it was set to have a strong spring 11 season with an increase in orders despite revenues sliding across Western Europe in its third quarter.

Nike said total sales in Western Europe dropped by 2% to $907m (£562m) compared with the same period last year.

Footwear sales in Western Europe for the period also decreased by 2% to $563m (£349m), clothing revenue declined 2% to $294m (£182m) and equipment revenue fell 4% to $50m (£31). Earnings before interest and taxes dropped by 19% in Western Europe to $161m (£100).

Across the whole brand Nike said that for the three months to February 28, net income rose 5.2% to $523m (£324). Revenues rose 7.3% to $5.08bn (£3.15bn) compared to the same quarter last year.

Future deliveries scheduled for delivery from March through to July are 4% higher than orders reported for the same period last year.

President and chief executive officer Mark Parker said: “Our solid third-quarter results demonstrate the power of the Nike Inc portfolio. Our unique ability to create deep connections with consumers, led by an impressive pipeline of innovative product and exciting retail experiences, continues to strengthen our brands and accelerate growth. Moving forward, we’ll continue to leverage our scale, financial resources, and operational discipline to drive near and long-term value to shareholders.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.