Nike's net profit drops severely | RetailDetail

Nike's net profit drops severely

Nike's net profit drops severely

Shoe giant Nike did not bring in as much net profit in 2013/2014's third quarter compared to the same quarter last year, as it dropped 21 %, despite a nearly 13 % turnover growth to 7 billion dollars (5.1 billion euro).

Nike and Converse growth

An important reason for this decrease was the sale of Umbro and Cole Haan the year before, because they had brought in 204 million dollars (148 million euro) for the American sports company. Left out of the equation, Nike's profit grew 3 % to 685 million dollars (500 million euro).

 

Nike was responsible for the largest share of the company's turnover, with 6.6 billion dollars (4.8 billion euro, + 14 %), while Converse brought in 420 million dollars (305 million euro, + 16 %). Its growth was mainly because of good results in China, the United States and the United Kingdom, while Nike managed to get growth in every region.

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