Nike, the world’s largest sportswear group, registered a robust first-quarter profit owing to strong sales in the US markets. The athletic footwear and apparel giant’s quarterly income rose 32% to reach $432.2 million. This marks a major turnaround for the sports goods company, as the last quarter saw the Oregon-based company reporting its slowest revenue rise in nine quarters. The quarterly revenue of the company rose by 8% to reach $3.86 billion. Nike is now in for stiff competition to grab a bigger share in the lucrative US shoe market after rival Adidas-Salomon announced plans to purchase Reebok International.
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Source: IIPM-Editorial,2006
