P.M. BRIEFING : Nike Reports Record Earnings
Nike Inc. today reported record earnings of $63.1 million, or $1.67 a share, for the third quarter ended Feb. 28, up 29% from $48.8 million, or $1.30 a share, in the third quarter a year ago.
The athletic apparel maker’s revenues for the period rose 24% to a record $577.8 million from $464.6 million the prior year.
Orders for footwear scheduled for domestic delivery during March through July are 30% higher in units and 47% higher in dollars, compared to last year.
Philip Knight, Nike chairman, said strong orders have been placed for the crucial back-to-school period.
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