Nike Q4 earnings up

Sporting goods giant Nike Inc. has reported a rise in fourth quarter earnings of 31.6 percent to $437.9 million (£219.5 million). Sales for the quarter increased 9.4 percent to $4.38 billion. Earnings for the fiscal year 2007 increased 7 percent to $1.5 billion, as sales climbed 9 percent to $16.3 billion.

"Opportunities for growth at Nike have never been greater," said Mark Parker, Nike president and chief executive. "We have a unique ability to consistently turn consumer insights into performance products and experiences. That's a big part of what distinguishes Nike as a global industry leader." According to Parker, this past quarter was the twenty-third consecutive quarter of year-on-year revenue growth.

All geographic regions and product categories experienced growth during the fourth quarter. Footwear reached the $1 billion mark for the first time this quarter, and the Converse business enjoyed its best quarter to date. The exception was the Americas , where sales remained unchanged. Future orders for apparel and footwear are expected to rise 12 percent to $7.7 billion, the company said.