Nike Inc. (NYSE: NKE) shares up more than 9% Friday, after the company reported fiscal 2017 financial results for its fourth quarter and full year ended May 31, 2017.
For the 4th quarter Nike reported revenues of $8.1 billion, up 7 percent on a currency-neutral basis driven by double-digit growth in Western Europe, Greater China, and the Emerging Markets, and strong growth in Sportswear and Running.
Net income increased 19 percent to $1.0 billion primarily due to global revenue growth, lower selling and administrative expense and a lower tax rate which were slightly offset by a gross margin decline, while diluted earnings per share increased 22 percent to $0.60 reflecting a nearly 3 percent decline in the weighted average diluted common shares outstanding.
“NIKE continues to create both near-term wins in today’s dynamic environment and a lasting foundation for future growth,” said Mark Parker, Chairman, President and CEO, NIKE, Inc. “Through our Consumer Direct Offense, we’re putting even more firepower behind our greatest opportunities in Fiscal 2018. It will be a big year for NIKE innovation and we’ll bring those stories to life through deeper consumer connections in our key cities around the world.”
For fiscal year 2017 revenues for the NIKE Brand were $32.2 billion, up 8 percent.
Net income increased 13 percent to $4.2 billion reflecting strong global revenue growth, selling and administrative expense leverage and a lower tax rate which were slightly offset by a decline in gross margin.