Beaverton, Oregon – Nike achieved sales in its footwear division of $6bn in the first quarter of 2019, up nearly 10% on the equivalent 2018 quarter.
At the same time, margins across the business grew by 0.5% to 44.2%. This was due to higher selling prices and, favourable full-price sales mix. However, higher product costs partly offset a margin expansion in its Nike Direct business unit.
The company's level of inventory was flat from quarter to quarter at $5.2 bn. This was due to 'a clean marketplace with healthy inventories across all geographies due to strong full-price sell-through on new innovation'.
Earnings before interest and tax for all products rose by 18%. In absolute terms, they moved from $1.1 bn in the first quarter of 2018 to $1.3 bn in the first quarter of 2019.
Andy Campion, CFO said: 'We are delivering stronger, global growth and profitability than we anticipated entering this financial year.'
He added that 'While foreign exchange volatility has increased, our underlying currency-neutral momentum continues to build'.
