Daily Management Review

Nike net profit soars up


Manufacturer of sports equipment Nike (USA) increased its net profit in annual terms by 3.8 times to $ 3.04 billion for the nine months of the 2018-19 fiscal year ended February 28, according to the company's financial statements.

Revenue increased by 7% to $ 9.6 billion due to growth in the wholesale and retail sales of clothing and footwear.

Diluted earnings per share in the reporting period rose to $ 1.87 from $ 0.48 a year earlier. The company's revenue in annual terms grew by 9% to $ 28.933 billion.

During the third quarter, Nike repurchased 9.8 million shares for a total of $ 754 million. During the quarter, the company completed a four-year program worth $ 12 billion, approved by the board of directors in November 2015, and launched a new four-year share repurchase program for $ 15 billion was approved in June 2018

“There has been a large-scale growth in all four of our regions, including China,” said Andy Campion, executive vice president and chief financial officer of the company. “We will continue to invest in key opportunities: stimulate Nike’s digital transformation and increase profits in the next fiscal year and beyond ".

source: bloomberg.com