News Brief
Nike Sales Up 10% In First Quarter
Sep 24, 2010, 12:53 PM
Nike says it just wrapped up a hot quarter, with revenues gaining 10%, excluding currency changes, to $5.2 billion. Net income gained 9% to $559 million.
The Beaverton, Ore.-based marketer says future orders for footwear and apparel are at $7.1 billion -- 10% higher than the same period a year ago. While the highest rate of increases are in China and emerging markets, North American future orders are up a hefty 15%.
It also reported an 8% increase in selling and administrative expenses to $1.7 billion for the quarter, partly due to marketing expenses related to both the World Cup and World Basketball Festival.
"We had a great first quarter," said Mark Parker, president/CEO, in its release, adding that "the global appetite for sports and innovation ...has never been stronger."
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