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Nike ups the pace to £254m despite US slip
18.12.08
Athletic shoes and clothing giant Nike pushed second-quarter net profit up 9% on higher-priced products and international growth but revenue fell in the US, its largest segment, and at the non-Nike brands group.
Net income rose to $391 million (£254 million) from $359.4 million, or 71 cents per share, a year earlier.Sales rose 6%, with gains in all regions except the US, where they fell 1%. Europe added 6% in revenue and Asia-Pacific 22%.
Nike has remained surprisingly resilient to the consumer gloom around the world and even managed to raise prices in the US.Analysts say the Beijing Olympics, with China as Nike's fastest-growing market, sparked a big boom in sales.
But there are signs that the economic turmoil is catching up with Nike. Global orders for delivery of shoes and apparel from now to April fell 1%. They rose 6% in the US, but dropped 13% in the region that includes Europe, the Middle East and Africa.
