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Retail

Nike grows revenues in Europe

Nike's global sales are rising, especially in Europe. Higher revenues have offset massive investments in the World Cup, where more athletes wear Nike shoes than all other brands combined.

Nike's global sales are booming. The company's revenues rose 11 percent in its March-to-May quarter compared to a year ago, Nike said Thursday.

Nike is outfitting 10 teams, including the US team, during the World Cup. The company introduced four new soccer shoes in the lead-up to the tournament, and more World Cup athletes are wearing Nike shoes than those of all other brands combined, Nike President Trevor Edwards said in a call to investors.

A third of the tournament's players are wearing Nike Magista cleats. Nike's soccer-related sales grew 21 percent during the fiscal year to $2.3 billion (1.7 billion euros).

Most of the growth was in Europe and in emerging markets, while growth was weaker in the US and China.

Nike's global net income rose just 5 percent, with the difference in gross and net income reflecting Nike's heavy expenditures for marketing in connection with the World Cup soccer tournament.

The company's three-month net income rose to $698 million (512 million euros), or 78 cents per share, compared to 76 cents per share a year earlier.

Nike is increasingly grabbing market share in soccer equipment - a segment of the sports gear market in which German firms Adidas and Puma have traditionally been strong.