Nike Q3 revenues rise by 13 percent

REPORT_ Nike reported financial results for its fiscal 2014 third quarter ended February 28, 2014

with earnings per share for the quarter going up 4 percent due to higher revenues driven by strong demand. Revenues for Nike rose 13 percent to 7 billion dollars, up 14 percent on a currency neutral basis.

“Our strong Q3 results demonstrate our relentless focus on delivering innovations that resonate with consumers,” said Mark Parker, President and CEO of Nike, adding, “Despite macroeconomic challenges, Nike delivers consistent results because we focus on the biggest opportunities for growth while we manage risk across our diverse global portfolio.”

Revenues for the Beaverton-based Nike Brand were 6.6 billion dollars on a currency neutral basis powered by growth in every geography and key category. Revenues for Converse were 420 million dollars, up 16 percent on a currency neutral basis, mainly driven by strong performance in our largest direct distribution markets: the United States, China and the United Kingdom.

Gross margin expanded 30 basis points to 44.5 percent. Net income increased 3 percent to 685 million dollars while diluted earnings per share increased 4 percent to 0.76 dollars, reflecting a slight decline in the weighted average diluted common shares outstanding.