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current news

Nike Inc. 4q Earnings Up

(Filed Under Financial and General Interest News). In the fourth quarter ended May 31, Nike Inc. generated a net income of $594 million, or $1.24 a diluted share, up 13.8 percent than the $522 million, or $1.06, registered in the fourth quarter of 2010.

Sales increased similarly from 13.6 percent to $5.77 billion, up from $5.08 billion a year ago. Footwear sales jumped 18.6 percent to $3.26 billion and apparel were up 8.4 percent to $1.44 billion.

The rise in income and sales came despite a 20.3 percent increase in cost of goods sold, to $3.21 billion from $2.67 billion, that reduced the gross margin to 44.3 percent of sales.

“In fiscal year 2011, we delivered exceptional results in extraordinary times,” said Mark Parker, Nike’s president and chief executive officer. “Our business is organized to drive growth across multiple brands, geographies and categories as we manage through the ever-changing macroeconomic landscape.”

In the past year, net income rose 11.9 percent, to $2.13 billion, or $4.39 a diluted share, from $1.91 billion, or $3.86, in 2010, while overall sales were up 9.7 percent to $20.86 billion from $19.01 billion. Cost of goods sold was up appreciably less, rising 11.2 percent to $11.35 billion, and cutting into gross margin just 70 basis points, to 45.6 percent from 46.3 percent.

After reporting the latest earnings, Nike Inc. held a company analyst presentation day, where Parker announced that Nike expects to post between $28 and $30 billion in sales by 2015. The figures would be 34.2 percent to 43.8 percent higher than the reported $20.86 billion in fiscal 2011 sales.

Don Blair, vice president and chief financial officer, noted that the goal for apparel is to increase the sales in the low double digits. Apparel sales increased 8.7 percent in fiscal 2011 to $5.48 billion, while footwear in 2011 reached $11.49 billion, up 11.2 percent.

Blair stated that a few years ago, the company offered 11,000 products, while now the number is closer to 7,000. However, 34 styles are responsible for sales exceeding $10 million. He projected that Nike’s revenues should grow in the high single to low double digits in fiscal 2012.

Nike Inc. is based in Beaverton, Ore.

more Financial and General Interest News >>

Published 06-30-2011 by Katherine Rautenberg

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Nike Reports 18% Rise in 1q Revenue
Nike Inc. 4q Earnings Up

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