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Last Updated: Thursday, 18 March, 2004, 22:15 GMT
Nike profits leap on weak dollar
Nike shop
Profits at Sportswear giant Nike jumped 60% in the three months to February as the weak dollar boosted sales.

Demand for the firm's iconic footwear soared in Europe, with sales up 36%.

But a strong performance in the US also helped the results, which showed profits of $200m on sales of $3bn - up 21% for the best gain in six years.

Nike finally settled a long-running row with distributor Foot Locker, which returned its top-of-the-range shoes to the shelves after almost two years.

That meant wider distribution for the firm's $110 smash hit, the Air Zoom Generation sold with the signature of basketball star LeBron James, as well as other sneakers with a three-figure price tag.

During the dispute over pricing and promotion, Nike had lost ground to arch-rival Reebok.

But it was the dollar influence which may have helped the most.

More than half the overall European sales growth of 36% was the result of currency changes, as dollar fell as much as 11% against the euro during the quarter.

Similarly, half Asia's 21% growth was caused by the weak dollar.


SEE ALSO:
Nike expands trainer empire
10 Jul 03  |  Americas
Nike 'free speech' appeal rejected
26 Jun 03  |  Americas
Spotlight on Indonesian 'sweat shops'
07 Mar 02  |  Asia-Pacific
Oxfam condemns sportswear giants
07 Mar 02  |  Asia-Pacific


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