NIKE, Inc (NKE) has reported 20.11 percent rise in profit for the quarter ended Feb. 28, 2017. The company has earned $1,141 million, or $0.68 a share in the quarter, compared with $950 million, or $0.55 a share for the same period last year. Revenue during the quarter grew 4.98 percent to $8,432 million from $8,032 million in the previous year period. Gross margin for the quarter contracted 146 basis points over the previous year period to 44.47 percent. Total expenses were 85.13 percent of quarterly revenues, down from 86.02 percent for the same period last year. This has led to an improvement of 89 basis points in operating margin to 14.87 percent.
Operating income for the quarter was $1,254 million, compared with $1,123 million in the previous year period.
“The power of NIKE’s diverse, global portfolio delivered another solid quarter of growth and profitability,” said Mark Parker, Chairman, President and Chief executive officer, NIKE, Inc. “To expand our leadership and ignite NIKE’s next phase of growth, we’re delivering a relentless flow of innovation through performance and style, increasing speed throughout the business and creating more direct connections with consumers leveraging digital and membership.”
Debt increases substantially
NIKE, Inc has witnessed an increase in total debt over the last one year. It stood at $3,501 million as on Feb. 28, 2017, up 71.79 percent or $1,463 million from $2,038 million on Feb. 29, 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
