Nike Inc has reported financial results for its fiscal 2011 first quarter ended 31 August 2010. The company saw generally positive results across the board.
Indicating a positive outlook going forwards, worldwide futures orders were up 10%, and up 13% if excluding currency changes. Thanks to a strong focus on stock and supply chain management, inventories were down 3% versus the prior year.
Revenue for the period was US$5.2 billion; up 8% versus the previous year period, or up 10% excluding currency changes.
Earnings per share for the quarter were up 10%. This was on 8% higher net revenue, as ‘a result of gross margin expansion driven by the strength of the Nike Inc brands in the marketplace and continued clean inventory positions.’
"We had a great first quarter. It demonstrates the power of our growth strategy, which is to create innovative products, amazing brand experiences, and premium retail destinations wherever consumers connect with Nike," said Mark Parker, President and CEO of Nike Inc.
"Going forward we’ll continue to maximize the flexibility, balance and alignment that we have built into our portfolio of brands and categories. Those strengths will help us navigate the continued uncertainty in the macro-economic picture.
"More importantly they help us leverage the global appetite for sports and innovation, which has never been stronger. That’s how we continue to grow our businesses, strengthen our balance sheet and increase our returns to shareholders over the long term."
