Nike Inc has reported financial results for its fiscal 2011 third quarter ended 28 February 2011.
Earnings per share for the quarter were up 7% on a 7% increase in net revenue, as higher sales and Selling, General & Administrative Expense (SG&A) expense leverage offset lower gross margin results.
"Our solid third-quarter results demonstrate the power of the Nike Inc portfolio," said Mark Parker, President and CEO of NIKE, Inc.
"Our unique ability to create deep connections with consumers, led by an impressive pipeline of innovative product and exciting retail experiences, continues to strengthen our brands and accelerate growth.
“Moving forward, we’ll continue to leverage our scale, financial resources, and operational discipline to drive near and long-term value to shareholders."
As of the end of the quarter, futures orders for Nike brand athletic footwear and apparel, scheduled for delivery from March through to July 2011, totalled US$7.9 billion. This was 11% higher than orders reported for the same period last year.
Excluding currency changes, reported orders would have increased 9%.
