WASHINGTON: Profit at US sportswear giant Nike fell in the second quarter year-on-year, acording to the company, as reported by the German news agency.
The company’s bottom line came in at US$1.163 billion, or US$0.78 per share. This compares with US$1.578 billion, or US$1.03 per share, in last year’s second quarter.
The company’s revenue for the quarter fell 7.7 per cent to US$12.354 billion from US$13.388 billion last year.
President and chief executive Elliott Hill, who took over the role on October 14, said it had been an “energising” 60 days of being back with Nike.
“Our clear priority is to return sport to the centre of everything we do,” he said in a statement.
“We’re taking immediate action to reposition our business, so we can get back to driving long-term shareholder value. Our team is ready to go, and I’m confident you will see more moments of Nike being Nike again.”
— BERNAMA-dpa
