Beaverton, Oregon – Nike saw sales in its footwear division of $ 5.5 bn in the first quarter of 2018 essentially unchanged from the equivalent 2017 quarter.
At the same time margins across the business fell by 1.8% to 43.7% due to off-price sales, and most importantly changes to currency exchange rates. The firm saw its inventories rise 6% to $5.2bn due to higher costs per unit, foreign exchange and building stocks for its direct to customer business.
Earnings before interest and tax fell by 16% from $ 1.3 bn in the first quarter of 2017 to $ 1.1 bn in the first quarter of 2018.
Mark Parker, Nike Chairman said: ‘Looking ahead to the rest of fiscal 2018, we will ignite Nike’s next horizon of growth though the strength of our brand, the power of our innovative products and the most personal, digitally-connected experiences in our industry.’