The Moss Adams Apparel Market Monitor shows that public companies, with the exception of the Youth Lifestyle category, continue to outperform the overall stock market. Previews of Agenda WMNS at Long Beach, Agenda NYC and Agenda Vegas. Now on Industry Insight.
Despite the tough economy, Converse and Hurley posted strong revenue and profit results for the year ended May 31, Nike executives said this afternoon during an earnings conference call.
Converse revenue grew 26 percent to $915 million.
Nike CFO Don Blair said Converse continues to be the strongest performer in Nike's "other" category that also includes Hurley, Cole Haan and Nike Golf. Most of Converse's business is through licenses and distributors. Measured on a wholesale basis, Converse has $2 billion of revenue worldwide, he said.
Hurley also posted strong results for the year ended May 31, with revenues increasing 19 percent to more than $200 million. Both Hurley and Converse recorded double-digit growth in pretax income for the year.
"Converse and Hurley continue to outperform the market and are picking up share and building brand strength," Nike CEO Mark Parker said.
Parker also said he recently reviewed Converse product in the pipeline and said it's "incredibly strong and diverse" and "our most commercially-potent product ever created."
Nike brand President Charlie Denson said Nike's action sports category, the company's "newest key category," recorded "significant" double digit growth for the year.
For more insight into Hurley's resurgence, see my interview with Bob Hurley and CEO Roger Wyett that posted Monday.