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Nike says revenue to jump over 40 percent by 2015
NEW YORK |
NEW YORK (Reuters) - Nike Inc (NKE.N) expects its revenue to rise more than 40 percent to $27 billion by 2015, helped by demand for its namesake athletic merchandise and fast-growing brands like Converse, the company said on Wednesday.
"We're going to continue to build, fuel and accelerate the Nike portfolio," said Chief Executive Mark Parker, addressing a crowd during an investor day held in New York.
The world's largest athletic shoe and clothing maker is trying to outline plans for future growth and showcase Nike's versatility and brand strength in light of largely mature markets in the United States, Europe and Japan.
The company, whose swoosh logo is one of the world's most recognized, derives most of its sales and profits from Nike-branded gear, but its smaller brands like Converse and Hurley have been among the fastest-growing.
The company posted $19.2 billion in revenue in its full fiscal year ended May 31, 2009.
Parker said the company's cumulative free cash flow from operations should hit $12 billion by 2015.
Shares of the company fell 2.4 percent to $75.49.
(Reporting by Martinne Geller and Alexandria Sage)
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