Nike’s Q2 earnings up 22 percent
Strong sales, tight inventory control and improved margins from selling more goods at full price helped drive Nike’s (NYSE: NKE) second-quarter net income up 22 percent, the company reported.
It earned $457 million, or $0.94 per share, for the quarter ended Nov. 30, compared to $375 million, or $0.76 per share, a year earlier.
The company's revenue increased 10 percent to $4.8 billion.
Gross margins improved 80 basis points to 45.3 percent.
Selling and administrative expenses were up 9 percent to $1.6 billion mainly due to operating overhead, which increased 14 percent to $1.0 billion.
Futures orders, scheduled for delivery from December 2010 through April 2011, totaled $7.7 billion -- 11 percent higher than orders reported for the same period last year.
Finish Line’s Q3 sales rise
The Finish Line (Nasdaq: FINL) said it posted an 8.7-percent increase in third-quarter revenue.
For the quarter ended Nov. 27, net sales increased to $260.9 million compared to $240.1 million one year ago.
Comparable store net sales increased 10.1 percent in the third quarter compared to an increase of 1.7 percent a year ago.
Income from continuing operations was $4.1 million, or $0.08 per diluted share, compared to $6.5 million or $0.12 per diluted share, a year ago.
Last year’s figure included a one-time $6.5 million tax benefit Finish Line recorded in the third quarter of last year. Without the tax benefit, third quarter income was $16,000.
Merchandise inventories increased by 10.4 percent to $262.2 million at the end of the quarter compared to $237.5 million a year ago.
--Compiled by Wendy Geister
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