Nike looks to Asia, Latin America as US business sputters

Bloomberg

Nike Inc.’s US business continued to sputter last quarter, putting more pressure on its operations in Asia and Latin America to pick up the slack.
The world’s biggest sportswear maker relied on strong overseas growth—especially in China—to overcome a weakening US business and help it post first-quarter profit that topped estimates. The company also cited a move to streamline its global operations for helping bolster its bottom line.
Chief Executive Officer Mark Parker vowed to ignite global growth by “innovative products and the most personal, digitally connected experiences in our industry.”
With major US retailers faltering over the past 18 months, Nike has been trying to generate more revenue through its own stores and websites while also chasing growth in Asia.
It’s also pursuing new channels for distribution, including inking a deal this year to sell lower-end items through Amazon.com Inc.
Earnings were 57 cents a share, the Beaverton, Oregon-based company said after the market
closed on Thursday. Analysts projected 48 cents,
on average.
Nike shares were little changed in late trading, slipping 0.3 percent to $53.53.