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Nike beats analyst forecasts

Monday 25th of September 2006 05:10:00 PM

US-based t-shirt, polo-shirt and sportswear manufacturer Nike has topped analyst predictions in its first quarter.

Despite the firm's net income for the period to August 31st being down to $377.2 million (£198.4 million) from $432.3 million last year, the manufacturer saw revenues increase nine per cent to $4.2 billion, reports Just Style.

The firm's chief executive Mark Parker indicated that gains are being made from innovations and remains confident as future apparel and footwear orders are up six per cent for the period to January next year.

"To get more innovation to consumers faster, we're driving the product creation process from 18 months down to 12," he told Just Style.

Nike remains optimistic that this "aggressive approach" to management will build gross and operating profits into the coming year, Mr Parker added.

In related news, US-based clothing manufacturer Hanesbrands recently announced plans to restructure in order to reduce costs.

The firm will move plants which make t-shirts, sweatshirts and polo-shirts to new sites in the US, Central America and the Caribbean basin.

View our Polo Shirt collection here