- The numbers: Pretty good. Nike earned $668 million (pdf) for its fiscal fourth quarter ending May 31, up from $549 million the same period last year. Shares were up 3.1% in after-market trading.
- The takeaway: The company cited better sales in North America and rising revenue in every region it operates in except for China and Western Europe. Nike’s sales in “Greater China” (i.e. including Hong Kong, Macau and Taiwan) fell 1%.
- What’s interesting: As we’ve written before, Nike is struggling in China where it has been saddled with extra inventory and challenged by changing tastes among China’s youth. Nike has been losing its leading 12.1% share (paywall) of the market to rivals like Adidas—which has been capitalizing on a more brash and youthful image—and counterfeiters making increasingly high-quality Nike knock-offs. Nike is doing pretty well—its stock is up 21% for the year—but it will need sales to pick up again in China, its second-largest market after the US.
More from Quartz
- Walmart just lost its third country head in Asia in two years
- Why Carrefour is struggling to keep up with Chinese shoppers
- The United Kingdom boasts the world’s leading e-commerce market
- Investment & Company Information