Nike reported a great quarter yesterday in all regions except China, where its business is just okay. Worldwide sales were up 7% and global orders placed by retailers for all things Nike were up 10%. In North America they were up a whopping 12%. Results were better than anticipated and the stock was up today as result.
On its earnings call, Nike called out the success of Converse, plus Nike running and the growth of women’s in general–which Nike obviously was very proud of. And while sneaker lovers tend to key in on Nike’s limited launches and retro basketball product, with the Flyknit, Nike has managed to rope in a whole new demographic of sneaker aficianados–aka metropolitan males in their 20s + (and the unofficial official shoe of Wall Street young bucks), who ten years ago were probably wearing boat shoes.
In a nutshell, really great results and a lot of confidence on building on the positive going forward.
