Dive Summary:

• Nike is reporting strong fourth quarter revenues which beat initial revenue projections for the company by some economists, as net income for the company rose 22% to $668 million.
• The company recently increased prices to offset rising costs and help improve profits. The company sold-off underperforming brands Cole Haan and Umbro.
• The company announced an executive shake-up which included the retirement of Charlie Denson and the repositioning of several current executives within the company.

From the article:

Nike has been benefiting from increasing demand for running and basketball gear in North America as revenue in its largest market surged 12 percent. In China, by contrast, consumers have shunned apparel that didn’t have the proper sophistication or fit, forcing Nike to use discounts. Still, worldwide sales gained 7.4 percent to $6.7 billion, topping estimates.