Nike Wants To Reduce Second Tier Brands With Poor Performance
Recently, Nike announced that it would reduce some of the poorer brands.
The company also said that sales growth in the first quarter and the increase in future orders increased the net income of the company by 51% in the quarter.
In the first quarter, total revenue increased by 11% to $4 billion 700 million, and net income reached $569 million 700 thousand.
The second-line brand only earned $628 million, and those brands that did not contribute enough to the company's long-term plan will become the focus of the company's consideration.
The brands that will be eliminated include ice hockey brand Nike Bauer Hockey, while other brands under consideration include Converse, Nike Golf, Exeter and Hurley.
Nike's outlook in the US market is not optimistic, which can be enlighten from the difficulties experienced by its competitors Foot Locker and Finish Line in the retail industry.
In the quarter, Nike's sales in the US increased by only 2%, up to 7.3%.
However, Nike's performance in overseas markets has been very good, and sales in Europe have increased, especially in the United Kingdom, while sales in the Asia Pacific region have continued to grow, especially in China.
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