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Nike Profit Tops Estimates as North American Sales Gain
By Matt Townsend and Leslie Patton
2014-06-27T20:09:29Z
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[b][url=http://www.nikesok.net]nike[/url][/b] Nike Inc. (NKE) , the world’s largest
sporting-goods maker, posted fourth-quarter profit that topped
analysts’ estimates as running and basketball gear drove sales
in North America .
[b][url=http://www.nikesok.net]nike factory store[/url][/b] Net income in the quarter ended May 31 rose 5.4 percent to
$698 million, or 78 cents a share, from $662 million, or 73
cents, a year ago, the Beaverton, Oregon-based company said
yesterday in a statement. The average of 26 analysts’ estimates
compiled by Bloomberg was 75 cents.
[b][url=http://www.nikesok.net]nike shoes online[/url][/b] Nike is benefiting from consumers increasingly buying
athletic apparel and gear for everyday wear, not just when
working out or playing sports. The trend has helped the company
generate growth in mature markets such as North America, where
sales gained 10 percent to $3.29 billion last quarter, topping
the $3.13 billion average estimate from Consensus Metrix.
[b][url=http://www.nikesok.net]nike shoes wholesale[/url][/b] “Everything from Nike Free to their running business to
the basketball business remains very solid,” Brian Yarbrough,
an analyst with Edward Jones &amp; Co. in St. Louis , said in an
interview. “They continue to innovate and bring products to the
marketplace.”
[b][url=http://www.nikesok.net]nike factory store[/url][/b] Yarbrough has a hold rating on the shares.
[b][url=http://www.nikesok.net]nike outlet shoes[/url][/b] Orders for the Nike brand for delivery from June through
November rose 12 percent, excluding the effects of foreign-currency exchange-rate fluctuations. Analysts estimated an 11.7
percent gain, on average, according to Consensus Metrix, a
researcher owned by Wayne, New Jersey-based Kaul Advisory Group.
The measure, known as futures orders, is closely watched because
investors view it as a proxy for future sales.
Photographer: David Paul Morris/Bloomberg
The reflections of pedestrians are seen in the window of Nike Inc. store in San Francisco on June 24, 2014. Close
The reflections of pedestrians are seen in the window of Nike Inc. store in San... Read More
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Photographer: David Paul Morris/Bloomberg
The reflections of pedestrians are seen in the window of Nike Inc. store in San Francisco on June 24, 2014.
Shares Rise
The shares rose 1.1 percent to $77.68 at the close in New
York . Nike has dropped 1.2 percent this year, compared with a
6.1 percent increase for the Standard &amp; Poor’s 500 Index.
Total sales rose 11 percent to $7.43 billion. Analysts
projected $7.34 billion, on average.
Revenue in Nike’s Greater China division increased 3.5
percent to $702 million, topping analysts’ $666.4 million
average estimate. The company had been struggling to maintain
growth in China, its second-largest market, as shoppers there
became choosier about which brands they buy. Futures orders in
the unit advanced 6 percent, more than double analysts’ 2.5
percent projection.
In March, Nike said sales would increase at a high single-digit percentage rate, with results hampered by a strong dollar
that reduces the value of its international sales. The strength
of the U.S. currency also would weigh on earnings growth, the
company said at the time. Nike said yesterday that currency
reduced pretax income by $30 million in the quarter.
Digital Strategy
Nike has been revamping its digital strategy, scaling back
its wearable hardware offering and instead focusing on its
activity-tracking software. The company recently cut or
transferred most of the people who worked on its FuelBand
sensor-equipped bracelet. While CNET reported this year that
Nike plans to stop making the device, the company has said that
it will continue to “sell and support” the latest version,
Nike+ FuelBand SE, for the “foreseeable future.”
The company earlier this month added EBay Inc. Chief
Executive Officer John Donahoe to its board to bring e-commerce
experience.
To contact the reporters on this story:
Matt Townsend in New York at
mtownsend9@bloomberg.net ;
Leslie Patton in Chicago at
lpatton5@bloomberg.net
To contact the editors responsible for this story:
Nick Turner at
nturner7@bloomberg.net
Kevin Orland, John Lear
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