Van Wagner Sports Invests In CineSport Wiggins Talked To KU About Shoe Affiliation Puma Reports Decline In Q1 Earnings Agassi Back With Nike After Eight Years ESPN Helps Boost Disney's Q2 Income IMG Reportedly Rejected $2B Bid SMI Reports Loss Of $1.3M For Q1 Callaway Golf Sees $42M Q1 Profit Adidas' Boston Tribute T-Shirt Selling Fast UA Exceeds Q1 Earning Expectations
Upcoming Conferences and Events
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).