Nike Inc’s quarterly earnings were better than expected thanks to 14% revenue growth, which helped cover costs. The company also said that it felt positive changes in the indicator of future orders.
The net profit of the manufacturer of sports goods rose to $ 594 million or $ 1,24 per share in the IV quarter of the current financial year to May 31 against $ 522 million or $ 1,06 per share. Analysts surveyed by Reuters predicted net income of $ 1,16 per share. Nike revenue rose to $ 5,8 billion from $ 5,08 billion
The number of future orders, which is a measure of demand for the coming months, also turned out to be higher than expected. Orders for June-November increased by 15% to $ 10,3 billion. Excluding currency fluctuations, this indicator rose by 12%, Nike reported. Analysts had forecast an eight percent increase in future orders. This is written by Vedomosti.