Nike's profit and turnover grew over past quarter

Nike's profit and turnover grew over past quarter
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American sports company Nike 's turnover and profit grew in the past quarter, but nevertheless, analysts were not pleased with the results, because the current quarter's orders are not growing fast enough.

Slower growth in the United States

Nike's total turnover in the past quarter grew 8 % to 9.1 billion dollars (8.1 billion euro) and at level exchange rates, it would have achieved a 10 % growth. Net profit grew 6 % to 1.2 billion dollars (1.1 billion euro) despite Nike's additional marketing expense during the Olympic Games.

 

The company also said the current quarter's orders would experience a 5 % growth, but that was not to the analysts' liking, as they expected an even bigger surge. The main reason for the slower growth is because there is only a 1 % growth in the United States. Nike is facing increased competition from brands like Adidas and Under Armour in the region.