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Sportswear brand Nike has reported a 5% increase in revenue to US$8.4 billion (7% on a currency-neutral basis), for its fiscal 2017 third-quarter ended February 28, 2017.
Consumer demand in all geographies is said to have driven revenue growth across the Nike Brand portfolio. Diluted earnings per share were up 24% in the period and grew faster than revenue, primarily due to selling and administrative expense leverage, higher other income (net), a lower effective tax rate and a lower average share count, according to the company.
Revenues for the Nike Brand were US$7.9 billion in the quarter, +7% on a currency-neutral basis, driven by double-digit growth in Western Europe, Greater China and the Emerging Markets as well as the Sportswear and Jordan Brand categories. Revenues for Converse were US$498 million, +3% on a currency-neutral basis, driven by growth in North America.
Gross margin is reported to have contracted to 44.5%, attributed to higher average selling prices that were more than offset by higher product costs, unfavourable changes in foreign exchange rates and the impact of higher off-price sales.
“The power of Nike’s diverse, global portfolio delivered another solid quarter of growth and profitability,” said Mark Parker, Chairman, President and CEO, Nike. “To expand our leadership and ignite Nike’s next phase of growth, we’re delivering a relentless flow of innovation through performance and style, increasing speed throughout the business and creating more direct connections with consumers leveraging digital and membership”, he added.