BEAVERTON (dpa-AFX) – Nike is making progress on its way out of its business problems. In the last quarter, the sporting goods giant exceeded Wall Street’s sales and profit expectations. CEO Elliott Hill had ordered the adidas competitor to focus more on athletes after the range had increasingly moved into the lifestyle sector in recent years.
At the same time, the quarterly figures weren’t exactly brilliant. Sales stagnated at just under 11.3 billion dollars (9.8 billion euros), as the company announced on Tuesday after the stock market closed. Analysts on average had expected more than $11.24 billion. In the important home market of the USA there was an increase in sales of three percent to a good five billion dollars. The bottom line is that quarterly profits fell by 35 percent to $520 million.
Nike stock took some time to decide on a direction after the release. Most recently, the skeptics were clearly in front, the paper lost 2.50 percent in after-hours trading.
Nike is looking to find its way out of a depression into which the company had maneuvered itself. In recent years, the group has relied heavily on direct sales at the expense of retailers. Particularly in the US market, competing brands were able to take shelf space from Nike in stores – and sales suffered as a result. The company is now striving for a better relationship with its retail partners./so/DP/he
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