Nike Posts Flat Rev­enue

Shoes & Accessories - - The Month That Was | Updates I International -

Global sports­wear brand Nike has an­nounced the re­sults for the first quar­ter of its new 2018 fis­cal year. Rev­enue to­taled $9.1 bil­lion in the pe­riod, flat against the prior year on both a re­ported and cur­rency-neu­tral ba­sis. Rev­enue for the brand reached $ 8.6 bil­lion, up by 2% on a cur­rency-neu­tral ba­sis driven by growth in China and other ma­jor mar­kets, in­clud­ing

growth in Sports­wear seg­ment.

Rev­enue for Con­verse brand to­taled $483 mil­lion, down by 16% on a cur­rency-neu­tral ba­sis, mainly driven by de­clines in North Amer­ica. Net in­come de­creased by 24% to­tal­ing $950 mil­lion as lower selling and ad­min­is­tra­tive ex­pense was off­set by a gross mar­gin de­cline, a higher ef­fec­tive tax rate and growth in other ex­pense.

Ac­cord­ing to Mark Parker, Chair­man, Pres­i­dent and CEO of Nike, “This quar­ter, we cap­tured near-term op­por­tu­ni­ties through our new Con­sumer Direct Of­fense.” He added, “Look­ing ahead to the rest of fis­cal 2018, we will ig­nite Nike’s next hori­zon of global growth through the strength of our brand, the power of our in­no­va­tive prod­ucts and the most per­sonal, dig­i­tally-con­nected ex­pe­ri­ences in our in­dus­try.”

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