Nike Inc. continues to beat the economy, reporting a 9 percent gain in second-quarter earnings after the market closed Wednesday.
For the three months ended Nov. 30, Nike’s net income climbed to $391 million, or 80 cents a diluted share, from $359.4 million, or 71 cents, beating analysts’ estimates of 78 cents.
Strong sales overseas helped the Beaverton, Ore.-based active giant overcome weak domestic sales, driving total revenue up 5.8 percent to $4.59 billion from $4.34 billion.
“Our second-quarter results demonstrate the power of the Nike brand and the diversity of the Nike Inc. portfolio,” said Mark Parker, Nike president and chief executive officer.
Going forward, Nike reported futures orders, scheduled for delivery from December 2008 through April 2009, slid 1 percent to $6.7 billion, but excluding changes in foreign currency exchange rates, future orders were up 6 percent.
Nike’s performance varied by region:
• U.S. sales slid 1 percent to $1.51 billion, dragged down by a 17 percent decline in equipment revenues, a 3 percent drop in apparel and 1 percent decline in footwear. Futures for the U.S. are up 6 percent.
• European sales grew 6 percent to $1.3 billion, as apparel sales increased 7 percent, footwear grew 6 percent, equipment rose 1 percent, and currency exchange rate changes boosted revenue by 2 percentage points. Futures, however, are down 13 percent.
• Asia-Pacific sales climbed 22 percent to $821.4 million, with apparel revenues up 23 percent, equipment up 23 percent, footwear up 20 percent, and currency exchange rate changes helping revenues by 5 percentage points. Futures increased 11 percent.
• Americas revenues increased 21 percent to $384.6 million, with footwear up 23 percent, apparel 20 percent and equipment 10 percent, and dragged down 2 percentage points by currency exchange rate changes. Futures are up 6 percent.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)