Nike profits race ahead of estimates
SPORTS giant Nike beat profit estimates for its second quarter amid strong demand. Future orders, or orders of Nike branded shoes and clothing scheduled for delivery from December through to April next year, were up 14pc in North America by the end of November.
Worldwide orders were up 6pc as the company entered the traditional busy Christmas season on a high.
The global company earned $384m (€292m), while revenue rose 7pc to $6bn. The company continued to see its business in China deteriorate as orders decreased 7pc.
Net income in the quarter ended November 30 declined 18pc to $384m from a year earlier.
Nike has been on a mission to improve its profitability. Part of that plan came with the decision to sell money-losing Cole Haan, a fashion brand with its own chain of stores, and the soccer unit Umbro.
Cole Haan is in the process of being sold to Apax Partners for $570m and Iconix Brand Group Inc has bought Umbro for $225m.