Nike, the world’s main sportswear producer, has posted higher-than-anticipated income following a rebound in its basketball enterprise.
Income rose 7.three% to $842m (£681m) within the three months to November, whereas income jumped 6.four% to $eight.18bn.
Nike’s basketball class and the Jordan model accounted for about 15% of Nike’s wholesale income in 2016.
“Basketball is again,” Nike president Trevor Edwards informed analysts on a convention name.
He added the basketball division was anticipated to return to progress by the top of the present monetary yr that concludes in Might 2017.
Nike, the world’s largest sports activities footwear-maker, has launched new strains such because the Jordan 31 and Kobe A.D which have proved well-liked with shoppers.
It has been dealing with stiffer competitors from rival Underneath Armour, which has a prime-promoting line by NBA star Stephen Curry.
Nike’s gross sales in North America, its largest market, rose three% within the second quarter and have been up 12% in Larger China.
The US agency stopped issuing future orders for deliveries – beforehand a key measure for analysts – beginning within the newest quarter.
Nike shares rose 1.eight% to $fifty one.seventy nine in New York on Tuesday however have fallen 17% this yr, making the corporate one of many Dow’s worst performers.
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