Nike sees $36 billion in revenue by 2017

NEW YORK — Nike’s key growth areas include China, women’s sports and e-commerce, and the athletic gear maker plans to have $36 billion annually in revenue by fiscal 2017.

The company outlined its growth objectives at its first investor meeting in two years at its Beaverton, Ore., headquarters on Wednesday. Nike has been on a growth spurt in North America lately, with strength in its basketball business and the Nike brand, but it has been dealing with a slowdown in growth in China.

Still, CEO Mark Parker said Wednesday that China remains a key area of focus.

“China is in reset mode, but we’re really focused on the great position we have there,” he said in an interview with The Associated Press. “It remains one of our biggest growth areas.

The company expects revenue, which totaled $25.31 billion in fiscal 2013, to grow 19 percent to $30 billion by fiscal 2015, the high end of company guidance of $28 billion to $30 billion, and to rise to $36 billion by fiscal 2017.

Other areas include Nike’s women’s business, which is growing faster than men’s. It also plans to grow its children’s business and its e-commerce sales, which the company hopes to will increase to $2 billion by 2017 from $540 million this year. It plans to connect its online offerings like Nike+ and Nike Training Club more closely to its e-commerce operations.

In the basketball arena, basketball socks are a popular trend, and Nike’s basketball socks business now totals $100 million.

Shares rose 87 cents, or 1.2 percent, to $71.15 in afternoon trading, closer to the high end of the stock’s 52-week range of $44.83 to $75.25.

More in Herald Business Journal

Snohomish County’s campaign to land the 797 takes off

Executive Dave Somers announced the formation of a task force to urge Boeing to build the plane here.

For modern women, 98-year-old rejection letters still sting

In a stark new video, female Boeing engineers break the silence about past inopportunity.

Drone’s ease piercing of NY ‘no-fly’ zone underscores risks

An Army Black Hawk helicopter suffered damage to one of its rotor blades, but was able to land safely.

Tax reform needs the public’s input on spending priorities

The GOP tax plan is a good idea, but the next step should give us a voice on how taxes are spent.

Disney buying large part of 21st Century Fox in $52.4B deal

Before the buyout, 21st Century Fox will spin off the Fox network, stations and cable channels.

Commentary: GM, Boeing fight a war of words over Mars

Boeing is strongly signaling how crucial deep-space exploration is to its future.

Angel of the Winds pays $3.4M for Everett arena naming rights

The casino replaces Xfinity as the lead sponsor for the publicly owned downtown Everett events center.

Delta orders 100 Airbus A321neo jets valued at $12.7 billion

Boeing had hoped to land the deal, offering comparable 737s.

Pain lingers decade after recession

No matter how good things are now, it’s impossible to forget how the collapse affected people.

Most Read