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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-to-Consumer (DTC)
businesses globally led strong
revenue growth for the retailer.
The retailer noted 5 per cent
increase in fourth quarter revenue
to US $ 8.7 billion, up 7 per cent on
a currency-neutral 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. “…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.” driven by double-digit growth in
Western Europe, Greater China and
the Emerging Markets and a strong
growth in Sportswear and Running.
Revenues from the Converse brand
stood at US $ 554 million, up 10 per
cent on a currency-neutral basis,
primarily driven by the market
transition in Italy and growth in
DTC, the company said.
During the period, revenues for the
NIKE brand were US $ 8.1 billion, – Mark Parker, Chairman,
President and CEO, NIKE Inc. Net income for the quarter
increased 19 per cent to US
$ 1.0 billion due to global
revenue growth, lower selling
and administrative expense
and a lower tax rate which
were slightly offset by a gross
margin decline.
Revenues for NIKE Inc. in fiscal
2017 zoomed 6 per cent to US
$ 34.4 billion, up 8 per cent on
a currency-neutral basis. Net
income during the year increased
by 13 per cent to US $ 4.2 billion.
Under Armour names Patrik Frisk as President & COO
Sportswear brand Under Armour
Inc. has announced appointment
of Patrik Frisk as its new
President & Chief Operating
Officer (COO). In conjunction
with Frisk’s appointment, the
company has also announced
strategic executive changes
to align its organizational
structure to better leverage
its digital business, support
its move toward category
management, and drive greater
operational efficiency across
the organization.
As President & COO of Under
Armour, Frisk will have the
responsibility for the company’s
go-to-market strategy and the
successful execution of its long-
term growth plan. “Patrik’s global
experience in brand building,
including a proven and disciplined
record of driving growth, while
enhancing profitability and
efficiency, will be instrumental as
we work to transform our business
model to deliver long-term value
for our consumers, customers and
shareholders,” said Chairman
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& Chief Executive Officer Kevin
Plank, adding, “The opportunity to
leverage our strengths – innovative
products, brand strength, premium
sports marketing assets and
unparalleled consumer connections
– within an increasingly more
digital ecosystem has never been
greater.”
Frisk has nearly 30 years’
experience in the apparel,
footwear and retail industry. Most
recently, he was CEO of The ALDO
Group, a global footwear and
accessories company.