Spurred by Europe and Asia, Nike Inc. said Wednesday that second-quarter earnings increased 10.4 percent.
Net income in the period ended Nov. 30 increased to $359.4 million, or 71 cents a diluted share, from $325.6 million, or 64 cents a diluted share, during the year-ago period.
Total sales jumped 13.5 percent to $4.3 billion from $3.8 billion during the same period last year.
European revenues increased 18 percent overall to $1.2 billion compared with $1 billion a year ago. A stronger euro helped revenue growth increase by 10 percentage points, the company said. Apparel revenues in Europe were up 15 percent and footwear increased 19 percent.
In the Asia-Pacific region, sales grew 17 percent, to $674.6 million versus $578.2 million last year. Sales in the Americas increased 19 percent to $313.6 million from $262.5 million.
Nike's U.S. business increased 7 percent during the quarter, to $1.5 billion from $1.4 billion last year. Athletic footwear constituted the largest share of those sales, with a boost of 12 percent to $983.3 million in revenues. Apparel revenues declined 3 percent to $461.4 million.
"Our second quarter was another great one, and it illustrates the ability of our portfolio to deliver consistent, profitable growth," Mark Parker, president and chief executive officer, said in a statement.
The company continues to focus its strategy on the parts of its business with the greatest growth opportunities, Parker said. In mid-November, Nike announced that it was selling the Starter brand to Iconix Brand Group for $60 million in cash. The deal was completed on Monday. The company is also looking to sell its Bauer Hockey business.
"Our focus on prime growth opportunities extends throughout our portfolio of brands. We are confident that our divestiture decisions this quarter are the right ones for Bauer Hockey, for Starter and for Nike," Parker said.
Nike also acquired a new business during the quarter, purchasing Umbro plc for $570 million, or 285 million pounds.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
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The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion