Nike reports profits, better strategy in China

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Friday, December 21, 2012

Nike's second-quarter profits are up, and the company is back on track in China, according to CEO Mark Parker.

"We know what needs to be done in China," Parker said in prepared remarks before taking questions from about a half dozen analysts. "We know we can do it, because we've done it before. And we're confident we will continue to grow and lead this market. The progress will not always be linear -- powerful change to unlock potential rarely is -- but I truly believe Nike's long-term opportunity in China is enormous."

While Nike executives emphasized their China strategy, the company's performance in North America -- where it all began for Nike some 40 years ago -- continued to charge ahead. Sales in the quarter were about $2.42 billion, a 17 percent increase over the same quarter last year. Futures orders recorded in the quarter, which reflect retailers' anticipated shipment orders, were up 14 percent. Worldwide futures orders were up 6 percent.

Read more at OregonLive.com.

{biztweet}nike{/biztweet}

 

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