Tags: US | Nike | Meeting

Nike Aims to Hit $27 Billion in Sales by 2015

Wednesday, 05 May 2010 10:45 AM

 

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Nike Inc. CEO Mark Parker says the company plans to increase revenue 40 percent over the next five years through growth in international markets and its array of brands.

"Our power is quantifiable and our potential continues to grow," Parker said Wednesday at an investor conference in New York.

Nike plans to increase its revenue to $27 billion by 2015. Its revenue was $19.3 billion in its most recent fiscal year.

"We will continue to build, fuel and accelerate the Nike Inc. portfolio," Parker said.

The company derives the bulk of its business through its namesake brand but said it is seeing tremendous growth in its other businesses such as Converse, Hurley and Umbro. Converse alone is expected to double in size over the next two years, company leaders said Thursday.

Nike, which is the world's largestic athletic shoe and apparel company, also said it will put a heavier emphasis in markets such as China and Brazil, where a new middle class of consumers is growing quickly.

Nike also said it plans to to generate total cash flow from operations of $12 billion by 2015. The company said it will dedicate $5 billion of the improved cash flow to repurchase shares over the next five year.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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