The Strategist

Nike's net profit climbs 10% up in 9 months of 2019-2020

03/25/2020 - 09:14

Results of the first three quarters of the 2019-2020 financial year ending February 29 showed that the American manufacturer of sportswear Nike increased its net profit by 10% in annual terms to $ 3.33 billion, the company said in its financial statements.

Diluted earnings per share in the reporting period rose to $ 2.09 from $ 1.87 a year earlier. The company's revenue for these nine months increased by 7% in annual terms, amounting to $31.09 billion.

At the same time, in the third quarter of the financial year, Nike received a net profit of $ 847 million, which is 23% less compared to the same period a year earlier. Diluted earnings were $ 0.53 versus $ 0.68 in annual terms. The company's revenue for these three months increased by 5% in annual terms, amounting to $10.104 billion.

The company recalls that its operations in China were significantly affected by the spread of the new coronavirus. In February, three-quarters of stores in China were closed, while others worked in reduced time. Currently, many of them are open, but since March 16, all Nike-owned stores in other countries have closed.

At the same time, Nike has seen digital sales growth in China by more than 30%.

American company Nike Inc. is one of the leaders in the world market in the production of sportswear, shoes and accessories. Founded in 1964, its headquarters is located in Beaverton (Oregon, USA).


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