Sports apparel giant continue surge on back of NBA apparel deal.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Nike reported its quarterly and fiscal year — which ended May 31 — earnings Thursday.
The Washington County-based company surpassed several expectations from Wall Street analysts.
Stock-watchers expected futures orders to increase 9-11 percent. Nike reported a 13 percent increase, in constant currency.
The quarter also marked the end of the company’s fiscal year on May 31. For the year, sales climbed 14 percent to $30.6 billion (10 percent with currency charges). Earnings climbed 22 percent to nearly $3.3 billion.
(SOURCE: Portland Business Journal)
CEO Mark Parker said in a news release: “Fiscal 2015 was an outstanding year for Nike. Our consistent growth is fueled by our connection to the consumer and our ability to deliver innovation at an unprecedented pace and scale. At no time in our history has the growth potential been greater for Nike.”
Parker told analysts that the company has many reasons to be optimistic about the future. He cited a recent apparel deal with the NBA as well as the passage of a bill that paves the way for the U.S. to join the Trans Pacific Partnership.
“We have three incredible brands that can play in this space, of course, Nike, Jordan and Converse. We have on court brand exposure head to toe for the first time and that’s across the NBA, the WNBA, the All-Star Game, the D-League, it’s going to be a great opportunity to showcase our leadership in this critical category for us, not just here in the U.S., but globally.”
Obama visited the Nike campus the day the company said it would bring 10,000 manufacturing-related jobs to the U.S. if the TPP was ultimately approved. On Thursday, Parker reiterated that promise but also noted that the manufacturing innovations envisioned stateside could be applied elsewhere in the world. The innovations, which neither he nor the company have described, would provide greater opportunity “to meet more local demand” and allow for product customization.
(SOURCE: OregonLive.com)
