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Solid Q3 results demonstrate the power of NIKE brand
18 Mar '11
4 min read
The effective tax rate was 26.0 percent compared to 24.9 percent for the same period last year. The effective tax rate was higher due to a larger percentage of pretax income coming from operations in the United States which has a higher effective tax rate than operations abroad.
Net income increased 5 percent to $523 million and diluted earnings per share increased 7 percent to $1.08, reflecting higher net income and a 1 percent decline in the number of diluted weighted average common shares outstanding.
February 28, 2011 Balance Sheet Review
• Inventories for NIKE, Inc. were $2.5 billion, up 18percent from February 28, 2010, to meet strong demand and given comparisons to extremely low levels last year when inventories were down 13 percent.
• Cash and short-term investments at period-end were $4.5 billion, 11percent higher than last year mainly as a result of higher net income.
Share Repurchases
During the third quarter, NIKE Inc repurchased a total of 5.5 million shares for approximately $468 million as part of its four-year, $5 billion share repurchase program, approved by the Board of Directors in September 2008. As of the end of the third quarter the Company has purchased a total of 22.9 million shares for approximately $1.7 billion under this program.
Net income increased 5 percent to $523 million and diluted earnings per share increased 7 percent to $1.08, reflecting higher net income and a 1 percent decline in the number of diluted weighted average common shares outstanding.
February 28, 2011 Balance Sheet Review
• Inventories for NIKE, Inc. were $2.5 billion, up 18percent from February 28, 2010, to meet strong demand and given comparisons to extremely low levels last year when inventories were down 13 percent.
• Cash and short-term investments at period-end were $4.5 billion, 11percent higher than last year mainly as a result of higher net income.
Share Repurchases
During the third quarter, NIKE Inc repurchased a total of 5.5 million shares for approximately $468 million as part of its four-year, $5 billion share repurchase program, approved by the Board of Directors in September 2008. As of the end of the third quarter the Company has purchased a total of 22.9 million shares for approximately $1.7 billion under this program.
NIKE Inc
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