Shorebreak Hotel as a venue for industry events. Cinematographer Louie Schwartzberg's "Moving Art Retreat" in June at Turtle Bay Resort. 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.