Judge Dismisses NFL Painkiller Lawsuit MLB "Monitoring" U.S.-Cuba Relations Nationwide Increasing NHL All-Star Presence Aspen Could Lose '17 FIS Event Garcia Resigns From FIFA Committee DC United Stadium Plan Approved Luck Leaving WVU For NCAA Tommy Hilfiger Signs Nadal As Endorser Twitter Me This Minding My Business: UFC's Clint Cox
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).