Beaverton, Dec 20: Nike, the world's No. 1 sneaker maker, said on Thursday that quarterly earnings rose 18 per cent, helped by tight inventories and continued strength overseas, which offset a decline in US sales. The company, which makes Air Jordan sneakers and Cole Haan shoes, said earnings for its second quarter ended November 30, rose to $152 million, or 57 cents per share, a penny ahead of analysts' expectations.
Nike also backed its profit forecast for the year, but said it expected third-quarter earnings to be flat, with the balance of the growth made up in its fourth quarter.
Consumer demand for classic shoes, which cost less than fancier styles, have caused sales of higher-priced shoes to stumble.
Beaverton, Oregon-based Nike said second-quarter revenue rose 8 per cent to $2.5 billion. Earlier this week Foot Locker, one of Nike's major retail customers, said it was cutting back on purchases from Nike. Bureau Report