nike slides new
Nike sales bounce higher Nike enjoyed big sales in gains in North America and Europe last quarter and benefited from fewer markdowns, helping the maker of sports clothes and shoes report a stronger than expected quarterly profit. Total revenue rose 7.7 per cent to $US6.97 billion ($7.45 billion) , and global orders for delivery later this year, which the company calls "futures orders," rose 10 per cent excluding currency impact, suggesting Nike's hot streak will continue. Nike shares rose 5.7 per cent to $US74.35 in after hours trading. Including those gains, shares are up 13.7 per cent since the announcement earlier this month that Nike would join the Dow Jones industrial average. Nike revenue in North America rose 9 per cent, and in Western Europe, where many retailers have struggled with a pullback by consumers, sales grew 8 per cent. The company earned $US780 nike jobs million, or 86 cents a share, in its fiscal first quarter, ended August 31, compared with $US567 million, or 63 cents a share, last year. Analysts expected a profit of 78 cents per share, according to . Nike's gross margin rose 1.2 nike l size points to 44.9 per cent of sales, helped by lower cotton costs and fewer markdowns. The company had forecast gross margin to be unchanged. Futures orders for delivery between this month and January 2014 rose 12 nike plus per cent in both Europe and North America. In China, where Nike is grappling with excess inventory and intense competition from price cutting rivals, sales fell 3 per cent, but futures orders rose 2 per cent.