Revenues for the Nike brand were US$8.6 billion in the quarter, +2% on a currency-neutral basis driven by growth in Greater China, EMEA and APLA, including growth in sportswear. Gross margin declined 43.7%; primarily attributed to unfavourable changes in foreign currency exchange rates and, to a lesser extent, a higher mix of off-price sales.
Net income is reported to have decreased 24% to US$950 million as lower selling and administrative expense was offset by a gross margin decline, a higher effective tax rate and growth in other expense, net, while diluted earnings per share decreased 22% from the prior year to US$0.57 reflecting a nearly 2% decline in the weighted average diluted common shares outstanding.
During the first quarter, the Group repurchased a total of 15.3 million shares for approximately US$849 million as part of the four-year, US$12 billion programme approved by the Board of Directors in November 2015. As of August 31, a total of 95 million shares had been repurchased under this program for approximately US$5.3 billion.
