Summary
NIKE, Inc.'s quarterly report for the period ending November 29, 2009, indicates a slight revenue decline compared to the previous year, with revenues for the three months ended November 30, 2009, at $4.41 billion, down from $4.59 billion in the prior year's period. Net income also saw a decrease, reporting $375.4 million for the quarter, down from $391.0 million. This performance was impacted by a continued slowdown in consumer spending in major markets, leading to a 4% reduction in overall revenues and a 5% decrease in diluted earnings per share to $0.76. Despite the revenue and profit headwinds, NIKE demonstrated effective cost management. Selling and administrative expenses were reduced by 4% due to lower demand creation spending and personnel costs following fiscal year 2009 restructuring efforts. The company also benefited from a lower effective tax rate. The report highlights the ongoing challenges in mature markets like North America and Western Europe, contrasted with growth in Emerging Markets. The company ended the period with a solid cash position, though short-term investments saw a significant increase.
Financial Highlights
47 data points| Revenue | $4.41B |
| Cost of Revenue | $2.44B |
| Gross Profit | $1.96B |
| SG&A Expenses | $1.48B |
| Net Income | $375.00M |
| EPS (Basic) | $0.19 |
| EPS (Diluted) | $0.19 |
| Shares Outstanding (Basic) | 1.95B |
| Shares Outstanding (Diluted) | 1.98B |
Key Highlights
- 1Revenues for the three months ended November 30, 2009, were $4.41 billion, a 4% decrease from $4.59 billion in the prior year.
- 2Net income for the quarter was $375.4 million, a 4% decrease from $391.0 million in the same period last year.
- 3Diluted earnings per share decreased by 5% to $0.76 from $0.80 in the prior year's quarter.
- 4Selling and administrative expenses decreased by 4%, largely due to cost-saving measures and restructuring efforts.
- 5The company experienced revenue declines in key markets such as North America and Western Europe, while Emerging Markets showed growth.
- 6Cash and cash equivalents stood at $2.04 billion, while short-term investments increased significantly to $1.97 billion.
- 7Worldwide futures and advance orders for footwear and apparel (December 2009 - April 2010) were 4% higher than the prior year, though this figure is calculated on a currency-neutral basis.