Sporting goods maker Nike has seen sales rise in the fourth quarter of its broken financial year. That appeared on Thursday from a trade report from the company. Sales forecasts were defeated in North America and China. The company also benefited from the growing number of buyers via the app and the website. The quarterly profit, however, disappointed.
Nike put nearly $ 10.2 billion in revenues in the books, slightly more than experts had predicted. In North America, sales increased by 7.5 percent to around $ 4.2 billion. The performance in that market, the most important one for the company, is closely examined. Good business was also done in China, currently in a trade dispute with the United States.
The Nike share declined in the US stock exchange trade. Investors did not seem satisfied with the quarterly profit that the company achieved. The result amounted to 989 million dollars, compared to 1.1 billion dollars a year earlier. That was less than the average market researchers had anticipated and mainly due to higher costs and taxes.
Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at nicholas.dekramer@economicinform.com
