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The global sportswear manufacturer has reported higher earnings for both its fourth quarter and full year results for fiscal 2018.
In the fourth quarter of fiscal 2018, Nike Inc’s revenues increased +13% to US$9.8 billion, up 8% on a currency-neutral basis. Revenues for the Nike brand were US$9.3 billion in the period, up +9%, driven by double-digit increases in Nike Direct, international geographies, Sportswear, Global Football and growth in North America, according to the Company. Net income increased +13% to US$1.1 billion primarily attributed to strong global revenue growth, gross margin expansion and a lower tax rate.
For the full year ending May 31, 2018, Group revenues rose +6% to US$36.4 billion, up +4% on a currency-neutral basis, while that of the Nike brands were up +5% (currency-neutral) to US$34.5 billion. Net income decreased -54% in the year to US$1.9 billion primarily due to the impact of the Tax Act, which offset strong revenue growth. Diluted earnings per share decreased -53% to US$1.17, including a decline in the weighted average diluted common shares outstanding.
“Our new innovation is winning with consumers, driving significant momentum in our international geographies and a return to growth in North America,” said Mark Parker, Chairman, President and CEO, Nike. “Fuelled by a complete digital transformation of our company end-to-end, this year set the foundation for Nike’s next wave of long-term, sustainable growth and profitability”, he added.