A rejuvenation in Nike’s basketball business has led the company to post a better than expected growth on revenue.
The sportswear giant saw a slowdown in its basketball business last year, however its quarterly revenue and profit results show a rebound in the division, leading Nike president, Trevor Edwards, to conclude "Basketball is back.”
Nike’s profits rose 7.3% in the three months to November, while revenue jumped 6.4%.
"We're seeing incredible momentum in basketball, to be clear, basketball is back," said Edwards on a conference call.
He continued: "Our basketball business is much healthier today than it has been at any point over the past 18 months.”
Nike's basketball revenue is predicted to return to growth in the back half of the current fiscal year, lauding new product launches including the new global launch of the Space Jam collection.
Under Armour’s entry in the basketball has effected Nike’s dominance, especially given the success of Steph Curry’s Under Armour show range.
Its basketball category accounted for 5.1% of Nike's total wholesale revenue of $27.23bn in its financial year ended May 2016. The Jordan brand reportedly brought in an additional 10%. The marketing for its Jordan range was named as one of The Drum's 120 marketing moments earlier this year.