Nike in the third fiscal quarter recorded a profit against a loss a year earlier


According to the results of the financial quarter ended in February, American company Nike, which produces sporting goods, reported a net profit of $1 billion 101 million, as opposed to a net loss of 921 million dollars recorded at the end of the same quarter a year earlier. The reason for unprofitability in the previous year were changes in US tax laws. During the earnings period, the company increased revenues by 7% to 9 billion 611 million dollars, while expert had predicted 9 billion 600 million dollars. Revenue growth was recorded in all regions. China and Hong Kong showed the largest growth - by 19%. In the first nine months of the fiscal year, Nike's net profit grew 3.8 times, reaching $3 billion 40 million. The company's management, however, expects a slowdown in sales growth in the fourth quarter.

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