Summary
This 8-K filing from NIKE, Inc. provides an update on estimated third quarter fiscal year 2004 earnings, which ended on February 29, 2004. The company anticipates strong revenue growth, projecting an increase of over 20 percent compared to the prior year. This growth is attributed to robust performance in the United States and Asia Pacific regions, coupled with favorable European currency exchange rates. Management expresses optimism about continued consumer demand and product innovation driving profitable growth. Investors should note that while NIKE is not initiating a formal earnings per share guidance policy, the projected revenue growth translates to an estimated diluted EPS of $0.71 to $0.74 for the quarter. The company also reiterates its expectation for high single-digit revenue growth in the fourth quarter, with continued investment in SG&A exceeding revenue growth. The full financial results for the third quarter are scheduled to be released on March 18, 2004, with a conference call to follow.
Key Highlights
- 1NIKE anticipates Q3 FY04 revenue to increase by more than 20% year-over-year.
- 2Estimated Q3 FY04 diluted earnings per share are projected to be between $0.71 and $0.74.
- 3Revenue growth is driven by strong performance in the U.S. and Asia Pacific, and favorable European currency rates.
- 4Management expresses optimism about sustained consumer demand and the company's brand presence.
- 5Fourth quarter revenue growth is expected to remain in the high single digits.
- 6The company will release its full Q3 FY04 results on March 18, 2004.
- 7Forward-looking statements are included, cautioning investors about potential risks and uncertainties.