Global sportswear giant Nike Inc. announced revenues for its recently ended third quarter increased 14 percent to USD 12.4 billion compared to the prior year, or up 19 percent on a currency-neutral basis, with sales in its Asia-Pacific Latin America region offsetting a dip in Greater China sales.
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The Portland, Oregon-based company said Great China revenues fell 8 percent to USD 1.99 billion for the three months ending February 28. That was compared to a 3 percent dip in the second quarter By category, third-quarter equipment sales fell the most, down 36 percent to USD 37 million, while plunged 16 percent to USD 461 million. Footwear sales, the region’s largest category in sales terms, dipped 4 percent to USD 1.49 billion.
Elsewhere, the U.S. company’s Asia-Pacific Latin America region recorded double-digit growth, up 15 percent to USD 1.6 billion, compared to 19 percent growth in the second quarter. By category, third-quarter footwear sales climbed 14 percent to USD 1.14 billion, and apparel sales were up 3 percent to USD 407 million, offsetting a 15 percent in equipment sales, down to USD 53 million.
Overall, net income was USD 1.2 billion, down 11 percent compared to prior year, and diluted earnings per share were USD 0.79, decreasing 9 percent.
“Nike’s strong results in the third quarter offer continued proof of the success of our ‘Consumer Direct Acceleration’ strategy,” said John Donahoe, president and CEO, Nike, Inc.
“Fueled by compelling product innovation, deep relationships with consumers and a digital advantage that fuels brand momentum, our proven playbook allows us to navigate volatility as we create value and drive long-term growth.”