Greater China and Japan are the fastest growing markets for Nike, following the start performer Central & Eastern Europe, in the third quarter of its fiscal 2016 according to the financial results released on Tuesday.
The world’s largest sporting-goods company said on Tuesday that Greater China revenues rose 27 percent to USD982 million on a constant currency basis in the third quarter ended on 29 February.
Excluding currency shifts, revenues in Greater China market’s footwear division registered a 33 percent increase, followed by 15 percent growth in Apparel and 4 percent growth in Equipment division.
Revenues in Japan also grew 27 percent from USD166 million to USD205 million at constant currencies in the third quarter. Central & Eastern Europe saw revenues up 29 percent to USD359 million.
For the whole group, revenues climbed 14 percent on a currency neutral basis to USD8 billion. Net income increased 20 percent to USD950 million, driven by strong revenue growth and a lower effective tax rate.
“In the third quarter, Nike delivered robust and balanced growth across our expansive, powerful portfolio,” said Mark Parker, President and CEO of Nike Inc. “We grow by serving the athlete personally every day and, as we unveiled last week, through breakthrough innovation that gives us a foundation for growth for years to come. Combined with our strategic investments, world-class execution and financial discipline, Nike consistently delivers value to our shareholders,” he added.
(Source: Yoko Wang)