Christmas came a few days early for Nike investors, as the company announced Tuesday that profit rose 20 percent during the second quarter of fiscal 2016, which wrapped up Nov. 30. Makes you feel all warm and fuzzy, doesn't it? "Not like the satisfaction of scrolling to the bottom of [Girl-about-town]'s Instagram and discovering that she used to use terrible sepia filters, Eliza." Well, okay, fair. Nonetheless, Nike's stock price popped up a few percentage points following the news.
Revenue during the period also rose 4 percent to $7.7 billion, no thanks to Converse, which saw its sales decline 5 percent. (Though North American Converse sales were up, that success was dragged down by subpar sales in Europe.) Of course, at $398 million in revenue for the quarter, Converse represents a small proportion of the company's overall sales, with Nike brand raking in $7.3 billion.
Another heartening nugget that came out of Nike's report: Buyers' orders for footwear and apparel to be delivered between December and April were 20 percent higher than they were last year. In October, Nike stated its intention to hit $50 billion in revenue by 2020, having reached $30.6 billion last year. Here's to 2016.