Nike reported that its fiscal 2010 third quarter, ended 28 February 2010, saw revenues increase by 7%, up from US$4.4 billion last year to US$4.7 billion in the current year. Excluding changes in currency exchange rates, net revenue was up 2% compared to the same quarter last year.
"We had a great quarter," said Mark Parker, Nike President and Chief Executive Officer. "[These] results reinforce our belief that when we connect with consumers in deep and meaningful ways from product concepts to how they experience our brands, we win in the marketplace and drive sustainable, profitable growth."
The company reported worldwide futures orders for Nike brand athletic footwear and apparel, scheduled for delivery from March through July 2010, totalling US$7.1 billion. This is 9% higher than orders reported for the same period last year. Excluding currency changes, orders would have increased 6%. So, despite gaining a benefit from exchange rate fluctuations, it is clear that Nike has recently built a strong pipeline.
Taking Nike’s results by geography – during the third quarter, revenue for North America increased 1% to US$1.7 billion. Footwear revenues of US$1.2 billion were down 1% compared to last year. Apparel revenues grew 6% and equipment revenues increased 8%.
Third quarter revenue for Western Europe increased 4% to US$929 million. Here, footwear revenue increased 8%, apparel revenue declined 1% and equipment revenue decreased 4%.
In the third quarter, revenue for Central and Eastern Europe declined 8% to US$272 million. Footwear revenue decreased 2%, apparel revenue was down 17% and equipment revenue dropped 15%.
Revenue for Greater China during the third quarter was up 10% to US$458 million and clearly bolstered growth for the company as a whole. Footwear revenue grew 12%, apparel revenue increased 8% and equipment revenue was up 13%.
Japan’s third quarter revenue was down 7%, reflecting a continuation of challenging economic conditions. Compared to the prior year, footwear revenue in Japan declined 6%, apparel revenue dropped 9% and equipment revenue decreased 9%.
