NIKE POSTS INCREASED EARNINGS FOR FISCAL YEAR AND FOURTH QUARTER

Oregon-based athletic giant Nike has reported fiscal 2017 financial results for its fourth quarter and full year ended May 31, 2017.

Diluted earnings per share for the quarter rose 22 percent to $0.60 driven by global revenue growth, lower selling and administrative expense, a lower tax rate and a lower average share count which were slightly offset by lower gross margin. Revenues rose five percent to $8.7 billion, and net income increased 19 percent to $1 billion.

Fiscal 2017 diluted earnings per share rose 16 percent to $2.51, reflecting revenue growth, a lower tax rate and a lower average share count which was slightly offset by lower gross margin. Revenues were up 6 percent to $34.4 billion. Net income rose 13 percent to $4.2 billion.

“Nike continues to create both near-term wins in today’s dynamic environment and a lasting foundation for future growth,” said Mark Parker, chairman, president and CEO of Nike. “Through our Consumer Direct Offense, we’re putting even more firepower behind our greatest opportunities in Fiscal 2018. It will be a big year for Nike innovation and we’ll bring those stories to life through deeper consumer connections in our key cities around the world.”