NIKE, Inc. (NKE) has reported a 19.15 percent rise in profit for the quarter ended May 31, 2017. The company has earned $1,008 million, or $0.60 a share in the quarter, compared with $846 million, or $0.49 a share for the same period last year. Revenue during the quarter grew 5.25 percent to $8,677 million from $8,244 million in the previous year period. Gross margin for the quarter contracted 187 basis points over the previous year period to 44.06 percent. Total expenses were 86.65 percent of quarterly revenues, down from 87.63 percent for the same period last year. This has led to an improvement of 97 basis points in operating margin to 13.35 percent.
Operating income for the quarter was $1,158 million, compared with $1,020 million in the previous year period.
"NIKE continues to create both near-term wins in today’s dynamic environment and a lasting foundation for future growth," said Mark Parker, chairman, president and chief executive officer, NIKE, Inc. "Through our Consumer Direct Offense, we’re putting even more firepower behind our greatest opportunities in Fiscal 2018. It will be a big year for NIKE innovation and we’ll bring those stories to life through deeper consumer connections in our key cities around the world."
Debt increases substantially
NIKE, Inc. has witnessed an increase in total debt over the last one year. It stood at $3,802 million as on May 31, 2017, up 86.56 percent or $1,764 million from $2,038 million on May 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
