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2011-3-22
Net income in the fiscal third quarter rose 5.2 percent to $523 million, or $1.08 a share, compared with $497 million, or $1.01 cents a share, in the year-earlier quarter.
That was below analysts’ average expectation of $1.12 per share, according to Thomson Reuters I/B/E/S.
The company’s shares fell $5.81, or 6.8 percent, to $79.60 following the earnings report, after closing at $85.41 on the New York Stock Exchange.
Revenue in the quarter ended February 28 rose 7.3 percent to $5.08 billion and comparable sales at Nike stores rose 13 percent.
Future orders, excluding currency exchange rates — a key measure of sales growth — rose 9 percent, in line with the estimates of several Wall Street analysts.
UBS analyst Michael Binetti had expected 10 percent growth and added he believed investors were looking for an increase of 8 percent to 9 percent. McAdams Wright Ragen forecast growth of 8 percent to 9 percent, while Barclays Capital was at 7 percent to 9 percent and Citi at about 8 percent.
Orders for Nike brand shoes and apparel scheduled for delivery from March through July 2011 totaled $7.9 billion.
By region, revenue in Nike’s largest market, North America, increased 9 percent to $1.84 billion, while sales in emerging markets and greater China rose 19 percent and 21 percent, respectively. Japan was the only market where sales fell, sliding 8 percent.
Source:PHIL WHABA | REUTERS
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