Nike's Growing Pains - How the Company Plans to Expand Over 40% in Five Years (NKE)

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[May 05, 2010]

Nike's Growing Pains - How the Company Plans to Expand Over 40% in Five Years (NKE)

May 05, 2010 (SmarTrend News Watch via COMTEX) -- 05/05/2010 - Nike Inc. (NYSE:NKE) announced plans today to boost sales over 40% in five years to $27 billion by growing the athletic brand's apparel lines, opening more stores and expanding in overseas markets like China.

"We are going to continue to fuel and accelerate the Nike Inc. portfolio," said chief executive Mark Parker, adding, "You can expect us to invest significantly in both owned retail and wholesale opportunities." Parker also said that Nike plans to buy back over $5 billion of shares during the next five years, as well.

Parker has reportedly honed the Nike brand in on key areas of specific sports and lifestyles, including women's athletic training and athletic gear for lifestyle and action athletic gear.

Nike is working to further penetrate the overseas athletic market with shoes, apparel and equipment in places like China and Japan, where demand is high.

The company will also try to regain brand ownership from licensees in countries including China and the U.K.

Shares of Nike are trading down 1.97% at $75.83.

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