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SBD/October 10, 2013/Finance
Nike CEO Mark Parker Says Revenue Will Grow To $36B By FY '17 Despite Lag In China
Published October 10, 2013
FOCUSING ON CHINA: Nike execs said that the company is "recalibrating its approach to consumers" in China, and has a plan on "how to reignite what once was double-digit growth." Nike CFO Don Blair "rejected the idea that the company had miscalculated China." He said, "We set ourselves a goal and we won't make the goal on the original timetable. But we're absolutely confident we will make that goal in time." Blair added, "In China, we have a market that's evolving, the consumers' expectations are changing and we're evolving our business. We've had a period and we will have some time on resetting our revenues. We've said this year we'll be flat but we're absolutely convinced we will grow again in China and we'll grow at an accelerated rate" (OREGONLIVE.com, 10/9). At presstime, shares of Nike were trading at $73.13 per share, up 3.2% from the close of trading yesterday (THE DAILY).
PLAN OF ATTACK: Parker said of Nike's competition, "We thrive on competition, that's what we' all about. … We actually compete with ourselves in a sense and we're looking at our potential and what we can be, not just how much better we might be than the competitors. So that's really the zone that we're in and as a leader that's where we should be" ("Closing Bell With Maria Bartiromo," CNBC, 10/9).