Under Armour Launches Women's Campaign Fox Sports Broadcast Additions TWC Lowers Outlook Due To SportsNet LA WWE Network Hits 700,000 Subscribers NFL Players, Panini Reach Card Deal Rice Apologizes, Calls Suspension Out Of His Control Golisano Reportedly Could Still Bid For Bills Charter Nearing Deal With SEC Net NBA Adds Twitter Handle To Official Game Balls Classified Advertisements
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).