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Tiffany Montgomery
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Hurley and Converse revenues log high-teens growth in quarter

By Tiffany Montgomery
December 18, 2008 6:41 AM

Nike Inc. executives said yesterday during an earnings conference call with analysts that revenues from its Hurley and Converse businesses experienced high-teens growth in the quarter ended Nov. 30.

A strong performance from Hurley and Converse offset weaker results from Cole Haan and Nike Golf, the other companies that Nike groups together in a category it calls "other."

Here are a few other interesting notes about Nike Inc. results:

- Overall, revenue for Nike Inc. grew 6 percent to $4.6 billion.

- Net income grew 9 percent to $391.0 million.

- At the end of the quarter, Nike had $2.7 billion in cash and $794 million in debt.

- Inventory was up 9 percent at the end of the quarter, higher than Nike would have liked.

- U.S. revenues declined 1 percent to $1.5 billion

- Revenue at Nike-owned stores grew 1 percent due to e-commerce and new store openings. Comps declined 20 percent.

- Europe revenue grew 6 percent to $1.3 billion, with 2 points of growth from currency. Business in Western Europe is tougher, while Nike had good growth in emerging markets.

- Asia-Pacific revenue grew 22 percent to $821.4 million, with five points of growth from currency. Revenue in China grew 27 percent and in Japan, 7 percent.

- Americas revenue grew 21 percent to $384.6 million, with two points of negative impact from currency.

- Nike is forecasting low to mid-single digit revenue growth in the second half.

 

 

 

 

 


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