Nike turns in solid quarter after Olympics

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NEW YORK: Global sports gear titan Nike reported solid revenue growth and beat analyst earnings forecasts for its fiscal first quarter Tuesday (Wednesday in Manila), despite a cost surge tied to the Brazil Olympics. Nike reported revenues for the quarter ended August 31 up 7.7 percent from a year ago to $9.1 billion, around $200 million higher than expected. Earnings per share, bolstered by share buybacks, came in at 73 cents, compared to 67 cents a year ago and well past the 56 cents analysts had predicted. The company got some sales help from the Olympics, but also saw marketing costs rise significantly during the same period as it heavily promoted its brand during the Rio games.

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AFP

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