Total Retail's Top 100 Fastest-Growing Retailers: International Sales Help Fuel Nike's Growth
The athletic footwear, apparel, accessories and equipment brand continues to chug along despite increased competition in the marketplace. Nike increased year-over-year net sales by 5.8 percent in its 2016 fiscal year. In addition, the company increased its net earnings for the year by nearly 15 percent. (Nike ranked No. 44 on Total Retail’s seventh annual ranking of the 100 fastest-growing retailers based on year-over-year net sales.)
An international brand, Nike is seeing its largest growth overseas. The retailer has realized double-digit growth in Western Europe, China and Japan, and continues to expand its presence in emerging markets such as Central and South America.
“Our consistent growth is fueled by innovation, which is why fiscal 2016 was such a breakthrough year for Nike in everything we do,” said Mark Parker, president and CEO, Nike, Inc., in a company press release announcing its full year 2016 financial results. “From product to manufacturing to how we serve our consumers — more personally and at scale — we’ve raised the bar of what’s possible. It’s a great time to be in sports, and the Nike brand has never been stronger. Fueled by our unrivaled roster of athletes, fiscal 2017’s calendar of sport moments promises to build on our business momentum and inspire consumers.”
Speaking of its future, Nike announced that it has partnered with J.C. Penney to open shops within 600 of the department store chain’s stores. In addition to brick-and-mortar, Nike has doubled down on digital. The retailer launched a new app in 2016, Nike+, which helps athletes reach their potentials through assistance with the right gear, expert guidance and in-person events. Nike also opened a new digital studio in New York City, with the goal of “pioneering engaging consumer experiences across the Nike portfolio.”