Nike Profits Soar in Second Quarter
Merry Christmas, indeed.
Christmas has come a few days early for Nike after the company reported that profits jumped a whopping 20 percent in the second quarter.
WWD reports that Nike's net income skyrocketed from $655 million at this time last year to $785 million, thanks in part to the continued success of the activewear market as well as their always-lucrative sneaker business.
Business in China also accounted for the company's growth, with orders up 34 percent — significantly higher than expectations, which were capped at 22 percent according to Business Insider.
Nike is in gear to continue their forward momentum, too. Orders for deliveries between December and April 2016 are up 15 percent from last year, which has instilled great confidence in the retail behemoth. So far, it looks like Nike, which raked in $30.6 billion last year, might actually be able to pull off its goal of hitting $50 billion in revenue by 2020. Cheers to the new year.