Nike Beats Net Estimates for 2Q
Nike reported its fiscal 2Q 2013 results today. According to an official statement from the company, revenues came in at just under $6 billion, a 7% improvement over the same period last year. Although net profit was down significantly, by 18%, to $384 million ($1.14 per share on a diluted basis), it still beat expectations. The average analyst estimate was for $1.00.
The company attributed the decline in profitability to higher labor costs and developments in foreign exchange rates.
Nike sounded an optimistic note in its statement. "Our strong second quarter results show that our growth strategies are working, even under challenging macroeconomic conditions," said CEO Mark Parker.
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