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.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)