Nike’s Q1 net income up 9 percent
Nike (NYSE: NKE) reported a solid first quarter and strong orders for the upcoming season.
It earned $599 million, or $1.14 per share for the quarter that ended Aug. 31, versus 9 percent from the $513 million, or $1.04 per share, earned last year.
Revenue rose 8 percent to $5.18 billion, with gains in all of its categories, affiliates and nearly every market.
Nike said orders from retailers for the coming season rose 10 percent -- or 13 percent, excluding the impacts of currency fluctuations -- its biggest increase in over a decade.
Nike executives said strong demand, tight inventory controls and improved margins outweighed the impact of currency fluctuations and increases in freight and other costs during the quarter.
Revenue was up 8 percent in North America, Nike's largest market; 11 percent in China, its second-largest market; and 30 percent in other emerging markets, taken together. The only notable decline was in Japan with a 12 percent revenue drop.
The results move the company closer to its long-term goal, announced this spring, of increasing its revenue to $27 billion by 2015, up from $19 billion in its most recent fiscal year.
Finish Line Q2 profit jumps
The Finish Line (Nasdaq: FINL) said its second-quarter profit rose as it rebounded from a messy quarter a year earlier, when it exited its streetwear stores business.
The company said it earned $16.8 million, or $0.31 per share, during the quarter that ended Aug. 28, after losing $874,000, or $0.02 per share, during the same period of 2009. The loss a year earlier mostly resulted from exiting the Man Alive streetwear business in July 2009.
Revenue rose slightly to $301.1 million, from $298.7 million a year earlier. Same-store sales rose 2 percent, after declining 9.9 percent a year earlier.
The company said it ended the quarter with no interest-bearing debt and $253.7 million in cash and equivalents, up from $142.9 million a year earlier.
--Compiled by Wendy Geister
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.snewsnet.com/cgi-bin/snews/stock_report.html.