Nike COO Tom Clarke is "philosophical" about the
company's "recent setbacks," according to Patrick Harverson
of the FINANCIAL TIMES, who writes under the header, "Nike
Takes The Pain In Its Stride." Clarke, on Nike's recent
performance: "You grow a lot, then you need a period when
things aren't booming to ask what works and what doesn't."
Clarke said Nike missed its Japanese sales forecasts "badly
and there was too much product in the market," adding that
he "expects Japanese sales to be down a third from the peak,
and a return to profit is unlikely." Clarke blames Nike's
"poor performance" in the U.S. market on "overcapacity in
the retail sector which led to poor presentation of products
in the stores and a lack of variety in merchandising,
particularly apparel," but says that the company "has been
working with its retail partners to tackle some of the
problems" (Patrick Harverson, FINANCIAL TIMES, 7/16)
IT IS ZO THOUGHTFUL OF HIM: The City of Ft. Lauderdale
yesterday awarded Heat C Alonzo Mourning a key to the city
for his "efforts in repairing basketball courts" at two area
public parks. Nike also plans to spend "about" $25,000 on
Mourning's behalf to refurbish five courts in the Ft.
Lauderdale area (Ft. Lauderdale SUN-SENTINEL, 7/16).
