Fashion
Nike has reported a stellar quarter as shoppers indulge in its higher margin products.
The sportswear giant’s net income rose 16 per cent to US$791 million in the three months to February 28. Its gross margin stretched 1.4 percentage points to 45.9 per cent and total sales rose seven per cent to $7.46 billion.
The figures beat all market predictions and sent the company’s stock price 4.5 per cent higher in after hours trading on Friday.
However, the company attempted to temper excitement about the figures, warning that the strengthening US dollar will impact in the current trading quarter.
Brian Yarbrough, an analyst with Edward Jones, described the result as “really impressive” for a company of that size.
“This is another just rock solid quarter.”
