New financial figures from Nike Inc show a positive third quarter for the sportswear brand. The figures show a rise in both revenues and profits due to increased global demands from customers. For the business period ending on February 28th, the sportwear brand saw a impressive 5% increase in net revenue raising it to $8.4 billion USD. The brands net income also increased, growing to $1.1 billion USD – an increase of 20 percent. The increased growth of the company can be put down to sales growth in markets such as the Chinese and western markets. Furthermore the popularity of their sportswear sector and Michael Jordan brand has also helped.
Nike’s CEO and president Mark Parker said the brand plans to continue it’s “relentless flow of innovation” in several areas of the company. Parker thanked the company’s “diverse global portfolio” for the positive results.
Nike has notably made innovative movements in the past year, most notably with it’s “Pro hijab” for female Muslim athletes. We can expect more positive momentum from the athletic brand in the future as it focuses on innovation and diversity.