Nike Inc. said Thursday that its fourth-quarter earnings fell 8 percent as its costs rose more than its revenue.
During a call with analysts after the report, Nike brand president Charlie Denson discussed the situation in China, where economic growth rates are slowing.
QUESTION: Can you talk about what you're seeing in China?
DENSON: The good news is that ... the China market continues to grow. We knew that it was going to hit a bump in the road somewhere along the way. It got here maybe a little bit faster than we thought because of the growth that we've experienced. ...
The overall industry has hit a little bit of a speed bump. We're not the only one that's seeing this. And then, when you throw in some of the macro circumstances that we've all seen coming out of the China economic figures, you have a little bit of a perfect storm that's hitting right now. But it hasn't diminished our growth potential numbers or our bullishness in that marketplace or with that consumer long term.
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