Nike posts Q4 profit hike on higher sales

Nike

Nike has reported a 22% hike in fourth-quarter net profit, driven by higher sales and improved margins.

Net income reached $668 million for the three months to May 31, up from $549 million in the same period last year. The Beaverton, Oregon-based company saw revenues rise 7% to $6.7 billion from $6.24 billion the prior year, with gains across all of its product types and in every geography except Western Europe and Greater China.

Gross margin, meanwhile, increased 110 basis points to 43.9%, boosted by pricing actions, easing material costs and favorable comparisons to last year.

Over the full year, net income rose 12% to $2.49 billion from $2.22 billion the year before, while revenue was up 8% to $25.3 billion from $23.33 billion last year.

“Fiscal 2013 was a great year for Nike, driven by our innovative products and the power of our brands,” said president and CEO Mark Parker.

“And we’re excited about what lies ahead. We have the best leadership team in the industry and a deep innovation pipeline. Both are aligned against our biggest opportunities to drive growth, manage risk and drive long-term shareholder value.”

For more fashion and apparel industry news, go to just-style.com

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