The numbers: Impressive. Nike posted third quarter profits of $685 million, up 3% from the same period last year. Sales jumped 13%, to $6.97 billion.
The takeaway: Nike’s nearly $7 billion in sales for the quarter came in above the $6.68 billion the market was anticipating. The global sportswear giant posted similarly strong numbers last quarter and the one before that. In fact, Nike has now managed to outperform lofty analyst expectations for a seventh straight quarter. How? Mainly through its massive footwear empire, which now rakes in over $14 billion annually. Converse, which Nike “rescued” in 2003, has been on a tear.
What’s interesting: Air Jordans are still a juggernaut. Though they launched in 1985, Michael Jordan’s world-famous shoes still control a majority of the US basketball shoe market, with $2.25 billion in US retail sales last year. There’s even a $62 million secondary market for the man’s sneakers on eBay.