Footwear manufacturer and retailer Nike has reported financial results for its fiscal 2017 third quarter ended February 28. Diluted earnings per share were up 24 percent to $0.68, thanks to consumer demand across the brand. Net income increased 20 percent to $1.1 billion.
Revenue for Nike Inc increased 5 percent to $8.4 billion, up 7 percent on a currency-neutral basis; revenues for the Nike Brand were $7.9 billion, up 7 percent on a currency-neutral basis, driven by growth in the sportswear and Jordan brand categories; while revenues for Converse were $498 million, up 3 percent on a currency-neutral basis, driven by growth in North America.
During the third quarter, Nike, Inc. repurchased a total of 8.9 million shares for approximately $475 million as part of the four-year, $12 billion program approved by the Board of Directors in November 2015. As of February 28, 2017, a total of 64.9 million shares had been repurchased under this program for approximately $3.6 billion.
“The power of Nike’s diverse, global portfolio delivered another solid quarter of growth and profitability,” said Mark Parker, chairman, president and CEO, Nike, Inc. “To expand our leadership and ignite Nike’s next phase of growth, we’re delivering a relentless flow of innovation through performance and style, increasing speed throughout the business and creating more direct connections with consumers leveraging digital and membership.”