Nike is at its best with innovation & inspiration, Mark Parker

24 Jun '10

2 min read

NIKE, Inc. reported financial results for its 2010 fiscal fourth quarter and full year ended May 31, 2010. Fourth quarter revenues increased 8 percent to $5.1 billion from $4.7 billion for the same period last year. Excluding changes in currency exchange rates, net revenues were up 4 percent compared to the same period last year. For the full year, revenues declined 1 percent to $19.0 billion, compared to $19.2 billion last year. Excluding currency changes, net revenues were down 2 percent for the year. Fourth quarter net income increased 53 percent to $522 million and diluted earnings per share increased 51 percent to $1.06. Fiscal 2010 net income increased 28 percent to $1.9 billion and diluted earnings per share increased 27 percent to $3.86.

In fiscal 2009, NIKE, Inc. incurred a $145 million after-tax restructuring charge in the fourth quarter, and third quarter results included a $241 million, after-tax non-cash charge related to the impairment of goodwill, intangible and other assets of the Company's Umbro subsidiary. Excluding these charges, fourth quarter net income and diluted earnings per share both increased 7 percent. For the full-year, comparable net income increased 2 percent and diluted earnings per share increased 1 percent.

"We finished strong with a great quarter and accelerating momentum across the business," said Mark Parker, President and Chief Executive Officer of NIKE, Inc. "During tough economic times our goal is to deliver solid financial performance and create competitive separation in the marketplace. We did that in 2010."

"Nike is at its best when we focus on our two core values - innovation and inspiration." Parker continued, "Going forward you can expect to see more game-changing products, more compelling experiences wherever consumers touch our brands, and a laser focus on operational and financial excellence. These are the things that allow us to accelerate first and faster than everybody else."

Futures Orders
The Company reported worldwide futures orders for NIKE Brand athletic footwear and apparel, scheduled for delivery from June through November 2010, totaling $8.8 billion, 7 percent higher than orders reported for the same period last year. Excluding currency changes, orders would have increased 10 percent.

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