Beaverton, Oregon – Nike’s Q1, 2015 revenues increased 5% to $8.4bn compared to Q1 2014, according to its latest financial report.
Revenues for its Converse brand were $555m, up 3% on a currency-neutral basis and mainly driven by strong growth in the US, yet partially offset by a decline in UK markets.
The firm’s total EBIT (earnings before interest and taxes) for Q1, 2015 was reported at $1.4bn, up 17% on Q1 2014’s revenue of $1.2bn.
“Fiscal 2016 is off to a great start,” said Mark Parker, Nike Inc’s president and ceo. “Our relentless pace of growth is driven by our proven strategy of putting the consumer first, obsessing innovation in everything we do and leveraging our powerful portfolio.
“We’re well-positioned to continue to deliver long-term growth that is both sustainable and profitable,” he added.
Worldwide future orders were up 9%; which translated to 17% growth excluding currency changes, said the company.
Japanese markets yielded the greatest profit hike from 11m in Q1 2014 to 36m in Q1 2015 – a rise of 227%. Profits rose 42% in central and Eastern European markets, 20% in Western Europe and 7% in the US, the company said.