Nike Inc. posted another strong quarter, as earnings gained 12 percent on robust international growth.
The fourth-quarter numbers beat analysts' forecasts, but more modest U.S. growth lowered the stock price of the athleticwear giant in after-hours trading.
For the three months ended May 31, net income for the Beaverton, Ore.-based firm climbed to $490.5 million, or 98 cents a diluted share, from $437.9 million, or 86 cents, in the same year-ago period.
Revenues for the quarter increased 16 percent to $5.1 billion compared with $4.4 billion the previous year.
For fiscal 2008, earnings jumped 26 percent to $1.9 billion, or $3.74 a diluted share, from $1.5 billion, or $2.93, in fiscal 2007. Sales for the year grew 14 percent to $18.6 billion from $16.3 billion last year.
Futures orders from June 2008 to November 2008 increased 11 percent to $8.8 billion, the company's 30th consecutive quarter that futures increased.
The active giant, which is outfitting athletes at the Summer Olympics in Beijing, reported growth across all regions, with revenues rising 39 percent in Asia and 19 percent in Europe. In addition, the weakness of the dollar propelled growth for the business, which is about two-thirds global.
Several regions, including China and the Americas, passed $1 billion in revenues this year. "It's a testament to the potential Nike has in emerging markets," said Mark Parker, Nike Inc. president and chief executive officer.
However, the company said the U.S. saw more modest growth of 4 percent to $1.7 billion for the quarter. Unlike the global markets, which benefited from favorable currency exchange rates, Nike's largest and most mature market continued its trend of more paced growth for the year and quarter, and futures orders were flat.
The company's "other business" sector, which includes Converse Inc., Nike Golf, Cole Haan and Umbro, grew 15 percent to $749.5 million for the fourth quarter. According to Parker, on an after-market earnings call, "the big story continues to be Converse," which experienced 29 percent revenue growth to $2 billion in wholesale revenues for the year.
"Of course, the Nike brand will continue to be the strongest brand in our portfolio," Parker said. "Every region and category showed growth."Nike released its numbers after the stock market closed, and by 6 p.m., the stock price was down 6 percent to $62.15.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty