The first quarter revenues of Nike, the renowned American apparel and footwear maker, beat all the predictions made by analysts and experts.
The Q1 revenue for the world’s largest sportswear brand touched $10.6 billion – much higher than US $ 9.1 billion estimated by analysts. The sales rose by 6 per cent in China, while the e-commerce sales for Nike, during the quarter, shot up by a whopping 82 per cent – and it’s going to only get better with holiday season approaching.
The net income, for the quarter ended 31 August, jumped to $1.52 billion from 1.37 billion a year back. While the retailer has performed well in China and done remarkably well digitally, it has also not stopped launching new products even in these tough times.
Nike has been selling more merchandise directly to consumers and has been depending less on outside retailers. This has benefitted Nike a lot at a time when several bigwigs like J. Crew and JCPenney have filed for bankruptcy protection.