NIKE POSTS REVENUE INCREASE IN SECOND QUARTER
Oregon-based outdoor giant Nike Inc. has reported financial results for its fiscal 2018 second quarter ended November 30, 2017.
Revenues for Nike, Inc. increased 5 percent to $8.6 billion; the growth was driven by international geographies and continued strength in Nike Direct, which was partly offset by an expected decline in North America wholesale revenue. Meanwhile, revenues for Converse were $408 million, down 4 percent on a currency-neutral basis, as international growth was more than offset by declines in North America.
Net income decreased 9 percent to $767 million, while diluted earnings per share were $0.46, down 8 percent compared to the same period last year due primarily to a decline in gross margin and higher selling and administrative expense, which offset solid revenue growth, a lower tax rate and a lower average share count.
“This quarter, led by our Consumer Direct Offense, we accelerated international growth and built underlying momentum in our domestic business,” said Mark Parker, chairman, president and CEO, Nike, Inc. “For the back half of the fiscal year, our innovation line-up is as strong as it’s ever been and we’ll continue to actively shape retail through new differentiated experiences.”
