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Nike sales up 7,7% thanks to Rio Olympics
28.09.2016 2869

Nike sales up 7,7% thanks to Rio Olympics

According to the report on the results of operations in the first quarter of 2016 - 2017 of the year, Nike sales compared to the same period of the previous financial year showed an increase of 7,7% and amounted to $ 9,1 billion. Profit increased slightly - from $ 1,18 billion in the first quarter of last year to $ 1,25 billion in the present. At the same time, earnings per share amounted to 73 cents, which is significantly higher than analysts who expected 56 cents per share forecast.

The Olympic Games in Brazil contributed to good sales of the brand’s products, although the same event incurred significant marketing costs associated with the large-scale Nike advertising campaign, among other things, the American brand became the official supplier of Rio Olympics games.

However, the company did not live up to investors' expectations for future orders for brand products in North America. They grew by only 1%, although analysts predicted 5-% growth.

As a result, Nike shares since the beginning of the year fell by 11%.

In July, one of the company's two founders, its ideological inspiration, 78-year-old Phil Knight resigned from his post as chairman of the board of Nike. His place was taken by the current president and general manager of the company Mark Parker.

According to the report on the results of operations in the first quarter of 2016 - 2017, Nike sales compared to the same period of the previous fiscal year showed an increase of 7,7% to $ 9,1 ...
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