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Worldwide futures orders up at Nike
Dec '09
NIKE, Inc. reported financial results for its fiscal 2010 second quarter ended November 30, 2009. Second quarter revenues decreased 4 percent, from $4.6 billion last year to $4.4 billion in the current year; changes in currency exchange rates had a minimal impact on reported revenue results. Second quarter net income declined 4 percent, from $391 million last year to $375 million in the current year; diluted earnings per share decreased 5 percent to $0.76.

“Nike is at its best when we deliver superior innovative product, connect with consumers through premium experiences and operate with discipline and efficiency. Our second quarter results are another demonstration of our strategy at work,” said Mark Parker, NIKE, Inc. President and Chief Executive Officer. “Our laser-sharp focus across our portfolio of brands, businesses, categories and geographies gives us the flexibility we need in this economy to gain share, lead the industry, and leverage the power of global sports.”

• Revenue $4.4 billion; down 4 percent versus prior year
• Diluted EPS down 5 percent from prior year to $0.76
• Worldwide futures orders up 4 percent, down 1 percent excluding currency changes
• Inventories down 10 percent versus prior year

Futures Orders

The Company reported worldwide futures orders for Nike brand athletic footwear and apparel, scheduled for delivery from December 2009 through April 2010, totaling $7.0 billion, 4 percent higher than orders reported for the same period last year. Excluding currency changes, reported orders would have decreased 1 percent.

North America

During the second quarter, revenues in North America decreased 4 percent to $1.5 billion. Footwear revenues declined 4 percent to $981 million, apparel revenues decreased 6 percent to $441 million and equipment revenues were up 1 percent to $74 million. Earnings before interest and taxes for North America increased 9 percent to $291 million due to lower selling and administrative expenses and improved gross margins.

Western Europe

Second quarter revenue for Western Europe was down 6 percent to $902 million. Footwear revenue was flat compared to last year at $515 million, apparel revenue was down 15 percent to $323 million and equipment revenue declined 11 percent to $63 million. Second quarter EBIT decreased 5 percent to $175 million as the impact of lower revenue was partially offset by a reduction in selling and administrative expenses.

Central and Eastern Europe

In the second quarter, revenue for Central and Eastern Europe declined 24 percent to $260 million. Footwear revenue decreased 18 percent to $144 million, apparel revenue was down 30 percent to $99 million and equipment revenue declined 32 percent to $17 million. EBIT decreased 36 percent in the second quarter to $64 million due to lower revenue and gross margins, partially offset by reductions in sales and administrative expenses.

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