Nike China sales soar in latest quarter
Booming sales by Nike China helped the sportswear giant record a 10 per cent rise in global revenues in the first quarter.
Footwear sales in greater China soared 26 per cent, apparel sales by 23 per cent and equipment sales by 8 per cent. Combined sales growth for the region was 24 per cent, from US$1.11 billion last year to $1.38 billion this year.
Nike China profit rose 27 per cent to $502 million, while combined Asia Pacific and Latin America sales rose 7 per cent to $1.27 billion.
“Nike’s consumer direct offense [program], combined with our deep line up of innovation, is driving strong momentum and balanced growth across our entire business,” said Mark Parker, chairman, president and CEO at Nike.
“Our expanded digital capabilities are accelerating our complete portfolio and creating value across all dimensions as we connect with and serve consumers.”
Revenues for the company’s Converse division rose 7 per cent to $527 million, mainly driven by growth in Europe and Asia.
Net income increased 15 per cent to $1.1 billion driven primarily by strong revenue growth and improved gross margin.