Nike (NKE) Issues Solid Q4 Earnings Beat, Inventories Up 33%
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Price: $38.12 -1.37%
Revenue Growth %: -2.9%
Financial Fact:
Gross margin: 4.12B
Today's EPS Names:
RCBC, GASS, YSG, More
Revenue Growth %: -2.9%
Financial Fact:
Gross margin: 4.12B
Today's EPS Names:
RCBC, GASS, YSG, More
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Shares of Nike (NYSE: NKE) jumped more than 7 percent in Monday's post-market session following a fourth-quarter beat on both the top and bottom lines.
The company posted net income for the quarter ended May 31, 2011 of $594 million, up 13.8 percent from $522 million during the same quarter last year. Nike's diluted earnings totaled $1.24 per share, up 17 percent from EPS of $1.06 in the year-ago quarter.
Sales were up 14 percent from $5.077 billion in the fourth quarter of 2010 to $5.766 billion.
A consensus of Wall Street analysts was looking for Nike to report quarterly earnings of $1.17 per share on revenue of $5.54 billion.
While quarterly gross margin fell from 47.4 percent to 44.3 percent, inventories rose a sharp 33 percent to $2.7 billion. Also important to the apparel-maker, Nike said futures orders for its brand were up 12 percent excluding currency adjustments.
"In fiscal year 2011, we delivered exceptional results in extraordinary times," said Mark Parker, NIKE, Inc. President and CEO. "Our business is organized to drive growth across multiple brands, geographies and categories, as we manage through the ever-changing macroeconomic landscape." Parker added, "We continue to deliver compelling innovation to athletes and consumers, and strong returns for our shareholders. The global appetite for sports has never been stronger."
The company posted net income for the quarter ended May 31, 2011 of $594 million, up 13.8 percent from $522 million during the same quarter last year. Nike's diluted earnings totaled $1.24 per share, up 17 percent from EPS of $1.06 in the year-ago quarter.
Sales were up 14 percent from $5.077 billion in the fourth quarter of 2010 to $5.766 billion.
A consensus of Wall Street analysts was looking for Nike to report quarterly earnings of $1.17 per share on revenue of $5.54 billion.
While quarterly gross margin fell from 47.4 percent to 44.3 percent, inventories rose a sharp 33 percent to $2.7 billion. Also important to the apparel-maker, Nike said futures orders for its brand were up 12 percent excluding currency adjustments.
"In fiscal year 2011, we delivered exceptional results in extraordinary times," said Mark Parker, NIKE, Inc. President and CEO. "Our business is organized to drive growth across multiple brands, geographies and categories, as we manage through the ever-changing macroeconomic landscape." Parker added, "We continue to deliver compelling innovation to athletes and consumers, and strong returns for our shareholders. The global appetite for sports has never been stronger."
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