Sources: Sports Authority Preps For Bankruptcy Sports Authority Cuts Around 100 Jobs Russell Wilson Signs Deal With Nike Connected Fitness Helps Under Armour Stock Under Armour Sees 20% Profit Jump In Q4 E-Sports Startup FaceIt Raises $15M Michigan State Done With Lime Green Jerseys Nike Working On National 7-On-7 League Ironman Acquires Lagardère S&E's Endurance Unit Univ. Of Illinois Extends Nike Partnership
NIKE REPORTS FIRST-QUARTER INCREASES DRIVEN BY GLOBAL MARKET
Published September 19, 1997
Nike Inc. reported first-quarter net income of $253.1M, or $0.85 per share, compared to $226.1M, or $0.76 per share, up 12% from a year ago. First-quarter revenues were $2.77B, up 21% from $2.28B last year. The company's global footwear revenues were up 18%; global apparel was up 41%, while non- U.S. revenues increased 48%. Nike's future orders rose 10%, with a 33% increase in Asia Pacific and a 38% increase in the Americas, compared to a 1% increase in the U.S. (Nike). WHAT IT MEANS: CNBC's Sue Herera reported that in a conference call with analysts, Nike said it "sees" overall revenues growth of 12-14% in FY '98, "but says that it would be difficult for income to track up as fast as sales, largely because of currency, and a likely decline in footwear sales in the U.S." ("Business Tonight," CNBC, 9/18). On CNN's "Moneyline," Jan Hopkins characterized future orders as "very weak" ("Moneyline," CNN 9/18). Nike closed yesterday on the NYSE at $54.875 a share, gaining $2.375 a share (WALL STREET JOURNAL, 9/19).