APPAREL SALES IN U.S. RISE 38.8% FOR NIKE
BEAVERTON, Ore. — Riding the activewear wave, Nike Inc. reported Thursday that U.S. apparel sales increased 38.8 percent in the third quarter ended Feb. 28 and that apparel futures remain “exceptionally strong” into the back-to-school season.
Nike said domestic apparel sales grew to $118 million in the quarter from $85.1 million the previous year. Worldwide apparel sales in the quarter grew even faster — up 41.7 percent to $200.8 million fro $141.7 million.
For the nine months, U.S. apparel sales rose 18.7 percent to $310.7 million from $261.6 million. Total apparel sales gained 25.4 percent to $611.7 million.
Overall, Nike reported profits in the third quarter gained 50.8 percent to $95.3 million, or $1.29 a share, from $63.2 million, or 85 cents, a year ago. Sales grew 29 percent to $1.12 billion from $871.8 million.
For the year to date, profits reached $286.3 million, or $3.88, up 24.7 percent from $229.6 million, or $3.03. Revenue for the period grew 20.2 percent to $3.35 billion from $2.79 billion. — Fairchild News Service