Nike has presented its figures for the first quarter ended Aug. 31 which included a gain in overall sales by 5.4 percent in reported dollars to $8.41 billion topping expectations of analysts at $8.22 billion. Net profit soared by 23 percent to $1.18 billion. Gross margin improved by 0.9 percentage points to 47.5 percent.
By region, sales in North America jumped by 8 percent, while they fell by 4 percent in Western Europe, partly due to currency effects. In Asia, on the other hand, turnover increased by 30 percent, notably in China. Sales were up by 12 percent in Japan.
No trouble in little China
China used to be the main market over past years in which Nike had trouble growing, but those times seem to be gone – despite the slowdown in the Chinese economy. The group’s earnings (Ebitda) exploded by 51 percent and reached $330 million in the first quarter compared with the previous year’s period.