Nike Inc. announced today second-quarter results after the market close that surpassed market watchers’ expectations.
The Beaverton, Ore.-based company reported that its net income increased 7 percent during the period, to $842 million, or 50 cents per diluted share, significantly topping Wall Street’s consensus bet for diluted earnings per share of 43 cents.
Revenues also advanced 6 percent year-over-year to $8.2 billion, beating estimates for revenues of $8.1 billion. Meanwhile, Nike’s key North American market continued to show modest gains, with sales growing 3 percent. (In Q1, revenues in the market gained 6 percent.)
Sales for the Nike brand also gained 8 percent to, $7.7 billion, driven by double-digit currency neutral growth in Western Europe, Greater China and emerging markets as well as the sportswear and running categories, according to the company.
Nike said revenues for Converse were $416 million, up 5 percent on a currency neutral basis, driven by strong growth in North America.
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“Nike’s ability to attack the opportunities that consistently drive growth over the near and long term is what sets us apart,” said Nike’s president, chairman and CEO Mark Parker in a release. “With industry-defining innovation platforms, highly anticipated signature basketball styles and more personalized retail experiences on the horizon, we are well-positioned to carry our momentum into the back half of the fiscal year and beyond.”
Nike said it would provide details on futures orders — an important measure of future demand for Nike’s wares at retail — during the third-quarter conference call.
As of 4:35 p.m. ET today, Nike’s shares had edged up 1.2 percent, to $52.38, in after-market trading.
