Nike Inc. boosted profits 25 percent in Q1, earning $1.21 per share, or $326.8m, for the quarter ending August 31st, compared with 98 cents a share, $261.2m, for the same period last year.
Sales were up 18 percent to $3.56bn from $3bn.
At the AGM, Nike executives extoled the achievements of Nike-sponsored athletes such as Serena Williams but then Knight interrupted from stage left, mock-chiding his cohorts: "Whoa, whoa, whoa…you guys are doing a great job, but occasionally you need some coaching. You missed the story of the year. The story of the year without a doubt was…Lance Armstrong.”
The great man himself then appeared, bringing the house down.
Nike spokeswoman Joani Komlos said the company has sold 12 million of the Live Strong bands, at $1 a pop, and that whilst Nike made no money from the sales – all monies go straight to the Lance Armstrong Foundation – the buzz the bands benefitted Nike.
Some US and UK IBDs also benefitted from increased foot traffic thanks to the bands, attracting customers who wouldn’t otherwise venture into bike shops.