After a slight drop during the second quarter, Nike's fiscal 2016 third quarter earnings are in and the brand has yet again hit the $8 billion mark. Here's how it went down.
As a whole, Nike, Inc. grew 8 percent in comparison to 2015's third quarter results, bringing in a total of $8 billion for 2016 third quarter. On a currency neutral basis—or in other words, if currency exchange rates hadn't fluctuated since last year—Nike was up 14 percent since this time in 2015. This breaks down to $7.6 billion for the Nike brand itself, which it says was spurred by worldwide growth in "nearly all key categories," and increased 15 percent on a currency neutral basis.
Meanwhile, Nike subsidiary Converse brought in another $489 million for the company, which is actually down 5 percent on a currency neutral basis. Nike attributes the change in Converse's performance to 2015 orders that were moved up from fourth quarter to third quarter, although it does not specify which product caused the shift.
Looking forward, Nike touts that worldwide future orders for both footwear and apparel—set to be delivered to retailers between now and July—is 12 percent higher than it was at this point last year.
Further details are expected to be revealed at Nike's third quarter investors conference call which will begin momentarily here.
