Wasserman L.A. Committee OKs Mayor Signing Bid Contract Danica Patrick Renews Healthcare Partnership DraftKings Breaking Ad Campaign ESPN Adding New College Sports Service Mariners Fire GM Jack Zduriencik 49ers Take Another Image Hit With Brooks Charge Yahoo's Forde Balances CFB, Daughter's Swim Meet Russell Wilson Clarifies Water Comments Dolphins Unveil Sun Life Stadium Renovations
Nike yesterday reported a net income for the 2Q ended November 30 of $141M, or $.48/share, compared to $176.9M, or $.60/share a year ago. Revenues increased 7% to $2.26B from $2.11B last year. In the U.S., athletic footwear revenues declined 3% to $787.6M, compared to $814.9M (Nike). REAX: Nike said that "a world-wide slowdown in demand for its footwear and apparel, especially in Asia, broke its three-year streak of earnings gains," driving down its earnings by 20% "and promising to depress revenue and earnings for the next two quarters," according to Bill Richards of the WALL STREET JOURNAL. Analysts had projected that Nike would report earnings of $.55/share. Nike also said that worldwide future orders, set for delivery between December and April, fell 1% to $4.2B world-wide. Nike said the slowdown was due to a mix of order cancellations in the U.S. and Asia, inflated inventories and "problems" in the Asian markets (WALL STREET JOURNAL, 12/19).