Nike returns to solid growth despite drop in Converse sales

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Nike has returned to growth reporting a double-digit rise in revenues during its fourth quarter thanks to strong international sales.

The fourth quarter saw Nike’s revenues rise 13 per cent to $9.8 billion (£7.45 million), comfortably above analysts’ expectations of $9.4 billion (£7.15 million).

On a constant currency basis revenues climbed eight per cent. Nike brand sales jumped nine per cent, but this was offset by its subsidiary convers which saw revenues dive 14 per cent.

This sharp rise was reportedly due to “significant momentum in our international geographies and a return to growth in North America”, following three consecutive quarters of decline in the region.

Meanwhile European and EMEA sales jumped 10 per cent, while sales in greater China shot up 25 per cent.

Share prices jumped 10 per cent on the news, which included plans to implement a $15 billion four-year share buyback programme set to start in 2019.

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