Jun 29, 2018

Nike shares fly as sales momentum mounts

Nike is back in fashion in North America with a 3% rise in sales in the most recent quarter, propelling shares to a record high on Friday. Nike also said that sales growth this year would be better than previously expected. Nike said total revenues rose 13% to $9.8bn, also better than analysts had forecast. In the most recent quarter, the biggest rise in sales was in Greater China, where revenue soared 25% year-on-year. Profits in the quarter rose 13% to $1.1bn helped by recent changes to the US tax code that cut its tax rate by more than half to 6.4%. The once ubiquitous Converse has fallen out of fashion, with sales sinking 8% in the most recent quarter.

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