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Strong international demand has driven the double-digit growth for the world’s number one sports footwear manufacturer.
Nike has recorded double-digit currency-neutral revenue growth internationally, and 6% revenue growth in North America for the first quarter of fiscal year 2016-17, ended August 31, 2016.
Revenues for the Nike Brand were US$8.5 billion, up 10% on a currency-neutral basis driven by double-digit growth in Greater China, Western Europe, Emerging Markets, Central & Eastern Europe and Japan, including strong growth in Sportswear, Running and the Jordan Brand. Revenues for Converse were US$574 million, up 4% on a currency-neutral basis, mainly driven by growth in North America which was slightly offset by declines in Europe and Asia Pacific.
Diluted earnings per share for the quarter were US$0.73, up 9% driven by strong revenue growth, operating overhead leverage, a lower effective tax rate and a lower average share count partially offset by a gross margin decline and higher demand creation expense in an Olympic quarter.
As of August 31, 2016, worldwide future orders for Nike Brand athletic footwear and apparel scheduled for delivery from September 2016 through January 2017 totalled US$12.3 billion, 5% higher than orders reported for the same period last year, and 7% higher on a currency-neutral basis. Nike's futures ordering program allows retailers to order five or six months in advance of delivery, with the commitment delivery will be made within a set time at a fixed price.
“Fuelled by an incredible summer of sport, Nike delivered strong global growth-and led the industry through disruptive innovation,” said Mark Parker, Chairman, President and CEO, NIKE. “Q1 also showed how we’re amplifying every category through sports style innovation, transforming retail by connecting the digital and physical experience and ushering in a new Era of Personalised Performance - through product, consumer connections and our supply chain”, he added.