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Details on Industry Insight.
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.