Nike profits jump

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Friday, December 20, 2013

Nike's second-quarter net income jumped 40%, exceeding analysts' expectations.

The world’s largest athletic goods maker said Nike brand sales grew across every product type and region. Sales of Converse brand items were especially strong in North America, Britain and China markets. Profit margins were helped by Nike’s shift toward more profitable products and businesses, higher average prices and an easing in the cost of raw materials.

Nike is readying for three major athletic events in 2014, the Super Bowl, World Cup and Olympics. In a call with analysts Thursday, CEO Mark Parker said Nike has introduced its Brazilian and French World Cup uniforms, known as “kits,” that are using new technology to be 16 percent lighter than the uniforms made for the 2012 Euro Championships. They’re made of recycled polyester that use the equivalent of 18 recycled water bottles in every uniform.

Read more at The Register-Guard.

 

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