Nike Posts $11 Billion Quarter And Plans For 30 New Stores

Just weeks after Lululemon reported revenue that surged 22%, Nike announced an $11.2 billion quarter, up 9% from the previous year. The activewear retailer saw 84% growth in digital, its third straight quarter of roughly 80% growth in that metric, CEO John Donahoe said on a conference call with analysts. The retailer is not backing off of physical growth, though. Nike opened two Nike Live stores and six Nike Unite stores in the second quarter, and plans to open 30 stores in the second half of the year, Chief Financial Officer Matt Friend said. Nike Direct sales were up 32% to $4.3 billion, mostly thanks to the digital gains, while by brand, Nike’s revenues were $10.7 billion (up 8%) and $476 million for Converse (down 4%), according to a company press release. Net income at the retailer rose 12% to $1.3 billion. Read more at Retail Dive.