Sources: VF Selling Sports Group To Fanatics Angels P Talks Committing Future Earnings To Fantex MJ's Son Partners With Tech Startup WaitTime LeBron Not Worried About Nike Q3 Results Nike Posts Solid Q3 Amid Adidas Resurgence GoPro To Cut 270 Full-Time Jobs Nike Remains Top Provider For Tourney Teams Michigan Gets Regular Jordan Jerseys Back UNC Football's Move To Jordan Could Pay Off Dodgers Owner Leads $100M DraftKings Investment
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).