- Prachi Singh |
Nike, Inc. reported diluted earnings per share of 68 cents in the third quarter to February 28, 2019. The company said, revenues for Nike, Inc. increased 7 percent to 9.6 billion dollars, up 11 percent on a currency-neutral basis, while revenues for the Nike brand were 9.1 billion dollars, up 12 percent on a currency-neutral basis driven by growth across wholesale and Nike Direct, categories including sportswear and Jordan, and continued double-digit growth across footwear and apparel.
“In Q3, our team once again drove strong, healthy growth across Nike’s complete portfolio,” said Mark Parker, Chairman, President and CEO, Nike, Inc. in a statement, adding, “Our business momentum is being accelerated by our ability to scale innovation at a faster pace and expand new digital consumer experiences around the world.”
Financial highlights of Nike’s Q3 results
Revenues for Converse, Nike added, were 463 million dollars, down 2 percent on a currency-neutral basis, mainly driven by double-digit growth in Asia and digital which was more than offset by declines in the US and Europe.
Gross margin for the quarter increased 130 basis points to 45.1 percent. The company said net income was 1.1 billion dollars in the third quarter and diluted earnings per share was 68 cents driven by strong revenue growth, gross margin expansion, the lower effective tax rate and a lower average share count, which were slightly offset by higher selling and administrative expenses.