Nike's second-quarter net income "rose" 56%, "fueled by
growing demand" overseas, according to the WALL STREET
JOURNAL. For the quarter ended November 30, Nike said that
net income improved to $107.5M, or $.38 per share, up from
$68.9M, or $.24 per share, a year earlier. Nike's revenue
rose 8%, to $2.1B from $1.9B, a year ago. Nike said that it
saw a "gradual improvement" in the U.S., where footwear
sales jumped 9%, to $722.9M, but sales of athletic apparel
"fell" 10%, to $307M. Nike said its business is in
"terrific shape" outside the U.S., as European sales rose
15%, Latin America sales jumped 21% and Asia sales improved
23%. Nike added that world-wide futures orders were up 4%
to $3.8B from the year-ago period. Though European orders
rose 15%, U.S. orders declined 8% (WALL STREET JOURNAL,
12/17). Nike President Thomas Clarke: "We're very focused
on getting the top-line growing again and this past quarter
we did that for the first time in two years" (N.Y. TIMES,
12/17). Nike's earnings exceeded Wall Street's expectations
(CBS MarketWatch, 12/16). CNBC's Patrick Bolland noted that
Nike reported its "first quarterly revenue growth in two
years." CNBC's Carl Quintanilla, on Nike's conference call
Thursday: "It's been a pretty upbeat call with some
cautionary notes. We've basically been looking at a very
strong quarter for Nike with the rebound in Asia, some
better margins and what looks like a pretty strong selling
season as we head into the spring, obviously an important
time for this company" (CNBC, 12/16). Shares of Nike were
up 3 15/16 yesterday, to close at 45 11/16. This morning,
shares are up 6, or 13.1%, to 51 11/16 (THE DAILY).
