Nike profits helped by strong China sales

nike-business-people re-el magazine

25 September 2015

Tags:business, business news  financial news, business finance, small business websites

Profits at the world’s biggest sportswear maker, Nike, have beaten expectations, helped by rapidly rising sales in China.

For the three months to 31 August, Nike reported a profit of $1.18bn (£775m), up 23% from a year earlier.

Total revenues rose 5.4% to $8.41bn, with sales in Greater China up 30% to $886m.

The rise comes despite the slowdown in China’s economy, which is heading towards its weakest growth in 25 years.

Several global retailers have been hit hard by slowing sales in China.

However, Nike said sales in China were “amazing” and it had seen a strong performance in all categories.

“While we are very mindful of the macroeconomic volatility in China, our brand has never been stronger and our marketplace has never been more healthy,” said chief financial officer Andy Campion.

The results mark the ninth consecutive time that the company has beaten expectations for its profit.

It New York-listed shares were up 7.5% in after-hours trading in reaction to the results.

Tags:business, business news  financial news, business finance, small business websites





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