NIKE clocks US $ 1 billion net income in Q4
American sportswear company NIKE Inc. has reported financial results for the fourth quarter and full year ending
May 31, 2017. During the period under review, international geographies and the Direct-toConsumer (DTC) businesses globally led strong revenue growth for the retailer.
The retailer noted 5% increase in fourth quarter revenue to US $ 8.7 billion, up 7% on a currencyneutral basis.
“NIKE continues to create both near-term wins in today’s dynamic environment and a lasting foundation for future growth. Through our Consumer Direct Offense, we’re putting even more firepower behind our greatest opportunities in Fiscal 2018. It will be a big year for NIKE innovation and we’ll bring those stories to life through deeper consumer connections in our key cities around the world,” said Mark Parker, Chairman, President and CEO, NIKE Inc.
During the period, revenues for the NIKE brand were US $ 8.1 billion, driven by double-digit growth in Western Europe, Greater China and the Emerging Markets and strong growth in Sportswear and Running. Revenues from the Converse brand stood at US $ 554 million, up 10% on a currencyneutral basis, primarily driven by the market transition in Italy and growth in DTC, the company said. Net income for the quarter increased by 19% to US $ 1.0 billion due to global revenue growth, lower selling and administrative expenses and a lower tax rate which were slightly offset by a gross margin decline. Revenues for NIKE Inc. in fiscal 2017 zoomed 6% to US $ 34.4 billion, up 8% on a currencyneutral basis, while net income during the year increased by 13% to US $ 4.2 billion.