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Q1 demonstrates power of our growth strategy, CEO of NIKE
24 Sep '10
4 min read
• The effective tax rate was 26.0 percent compared to 24.7 percent for the same period last year primarily because a larger percentage of pretax income related to operations in the United States, which has a higher effective tax rate than operations abroad.
• Net income increased 9 percent to $559 million and diluted earnings per share increased 10 percent to $1.14 reflecting an approximate 1 percent decline in the number of diluted weighted average common shares outstanding.
August 31, 2010 Balance Sheet Review
• Inventories for NIKE, Inc. were $2.2 billion, down 3 percent from August 31, 2009.
• Cash and short-term investments at period-end were $4.7 billion, 29 percent higher than last year mainly as a result of higher net income and continued focus on working capital management.
Share Repurchases
During the first quarter, the Company repurchased a total of 7.3 million shares for approximately $517 million as part of the Company's four-year, $5 billion share repurchase program, approved by the Board of Directors in September 2008. As of the end of the first quarter the Company has purchased a total of 13.9 million shares for approximately $971 million under this program.
• Net income increased 9 percent to $559 million and diluted earnings per share increased 10 percent to $1.14 reflecting an approximate 1 percent decline in the number of diluted weighted average common shares outstanding.
August 31, 2010 Balance Sheet Review
• Inventories for NIKE, Inc. were $2.2 billion, down 3 percent from August 31, 2009.
• Cash and short-term investments at period-end were $4.7 billion, 29 percent higher than last year mainly as a result of higher net income and continued focus on working capital management.
Share Repurchases
During the first quarter, the Company repurchased a total of 7.3 million shares for approximately $517 million as part of the Company's four-year, $5 billion share repurchase program, approved by the Board of Directors in September 2008. As of the end of the first quarter the Company has purchased a total of 13.9 million shares for approximately $971 million under this program.
NIKE Inc
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