CIT: Acquires SoCal-based One West Bank
SDSI: Sports and active lifestyle employment outlook.
MLA: Legal risk management of staging modern sports experiences in non-traditional settings.
Details on Industry Insight.
During the call, Nike CEO Mark Parker said Hurley revenue grew 33 percent in the quarter and described the results as Hurley's "biggest quarter ever."
"They are really getting the product and merchandising right and that is connecting with (the) core consumer and with the broader action sports market," Parker said.
Hurley recently survived a Nike internal review of its other businesses that led to the sale of the Starter brand and Nike Bauer Hockey. Nike said it wants to focus on and invest in the businesses with the most growth potential, including Hurley, Converse and Cole Haan.
Converse also had a strong third quarter with revenue up 29 percent. The Converse One Star initiative launched in 1,600 Target stores and the numbers were well above plan, Parker said.
Overall, the businesses that Nike categorizes as "other" recorded $600 million in revenue, a 15 percent increase. Pre-tax income increased 16 percent to $77.5 million for the quarter.
Parker said he liked where the "other" portfolio is right now and his focus is "on managing the portfolio to maximize the potential for growth and revenue profitability."
Nike is better integrating supply chain, information technology platforms and support functions to drive operational efficiencies with these other businesses, Parker said.
"I am very bullish on the prospects for our existing portfolio of businesses and of course we continue to explore new brands and companies that complement our portfolio," he said.
Company-wide, Nike Inc. revenue rose 16 percent to $4.5 billion. Net income grew 32 percent to $464 million.