Hope Solo Re-Emerges In Nike Marketing UGA's New Nike Deal Worth $40.8M Adidas, Nike Bid On Michigan Apparel Deal Gametime Closes On $13.3M VC Funding Tribune Media Bullish On MLB Ratings Morgan Stanley Offers Loans To NFL Draftees Obama To Speak On Trade At Nike HQ CBS Quarterly Profits Up, But Revenue Down Puma's Profits Fall 30% In Q1 Wake Forest Unveils Nike-Designed Football Uniforms
Upcoming Conferences and Events
NIKE SEES 20% DECREASE IN EARNINGS FOR SECOND QUARTER
Published December 19, 1997
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).