Nike Inc. (NKE), the leader in global athletic footwear, reported a 40% jump in its net income for the quarter ending November 30. The company posted better-than-expected earnings of $0.59 per share from continuing operations, which is 4% higher than $0.57 recorded last year.
Mark Parker, President and CEO of the company, pleased with their second quarter performance, said: "Our strong second quarter results show why NIKE leads the industry.”
Revenues from continuing operations, which were in-line with street’s expectations, were up 8% to $6.4 billion, compared to $6 billion recorded in the comparable period last year.
NIKE, the company’s premier brand registered a 9% revenue jump in the three-month period, while revenues for its Converse range rose 11%. NIKE recorded revenues of $6.1 billion in the second quarter. The increase in the brand’s revenue was driven by growth in product categories and also in geographical sales. Meanwhile, Converse contributed revenues of $360 million to the company, primarily driven by strong performance in three regions, namely North America, UK, and China.
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