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SBD/September 23, 2011/FinancePrint All
Nike “set records for revenue and diluted earnings per share in the first quarter that ended Aug. 31,” according to Allan Brettman of the Portland OREGONIAN. The company credited “strong demand for its products as well [as] attention to controlling expenses and tax efficiencies” for the rise. Nike’s net income "increased 15 percent to $645 million and diluted earnings per share increased 19 percent to $1.36.” Revenues “increased 18 percent to $6.1 billion, up 11 percent on a currency-neutral basis.” Excluding the impact of changes in foreign currency, Nike Brand revenues “rose 12 percent with growth in every geography except Western Europe, which is flat due to the negative impact from changes in the time of shipments and comparisons to last year’s strong World Cup related sales” (Portland OREGONIAN, 9/23). Edward Jones Senior Consumer Analyst Matt Arnold said, “It was a really nice quarter.” Shares in the athletic-shoe maker “were up 5.5% at $88.78 after hours as results beat analyst expectations.” The stock hit its “highest level ever in July and retreated 11% from that point through Thursday’s close.” Sales “were up 15%, excluding currency changes, outpaced by the 24% growth in emerging markets," and in China "sales rose 9%.” Overall, Nike’s results “have been improving for more than a year” (WSJ.com, 9/22). At presstime, shares of Nike were trading at $89.47, up 6.28% from Thursday's close of $84.18 (THE DAILY).