Nike: 2% fall in revenue

Nike has announced a two per cent fall in revenue to $4.4 billion in its financial results for its fiscal 2009 third quarter ended February 28, 2009. Third quarter net income was $243.8 million, compared to $463.8 million in the same period last year.

“The results say a lot about the strength and diversity of Nike, Inc,” says Mark Parker, president and CEO of Nike, Inc. “In a challenging environment we delivered excellent operating results by executing with both focus and flexibility. I feel very good about our performance and our potential. Going forward we’ll continue to stay close to the consumer, drive innovation into the marketplace and operate with financial discipline by making the right decisions to restructure our organisation for the future. The Nike, Inc portfolio of brands is a diverse and competitive asset. We’ll continue to leverage all aspects of it to deliver consistent, long-term shareholder value.”

The company reported worldwide futures orders for Nike brand athletic footwear and apparel, scheduled for delivery from March-July totalling $6.5 billion, 10 per cent lower than such orders reported for the same period last year.

By region, futures orders for the USA were down one per cent, EMEA (Europe, the Middle East and Africa) decreased 25 per cent, Asia Pacific declined one percent and the Americas were down four per cent.

Third quarter revenues for the EMEA region decreased 14 per cent to $1.2billion, compared to $1.4billion for the same period last year. Footwear revenues decreased 12 per cent to $693.8million, while apparel revenues fell 17 per cent to $415million and equipment revenues dropped 24 per cent to $77.1million.

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