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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nike Inc | NYSE:NKE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.49 | 0.53% | 92.16 | 92.84 | 91.53 | 91.75 | 5,447,374 | 18:54:33 |
NIKE, Inc. (NYSE:NKE) today reported fiscal 2017 financial results for its fourth quarter and full year ended May 31, 2017. International geographies and the Direct-to-Consumer (DTC) businesses globally led strong revenue growth in the fourth quarter and full year.
Diluted earnings per share for the quarter rose 22 percent to $0.60 driven by global revenue growth, lower selling and administrative expense, a lower tax rate and a lower average share count which were slightly offset by lower gross margin.
Fiscal 2017 diluted earnings per share rose 16 percent to $2.51, reflecting revenue growth of 6 percent, a lower tax rate and a lower average share count which was slightly offset by lower gross margin.
“NIKE continues to create both near-term wins in today’s dynamic environment and a lasting foundation for future growth,” said Mark Parker, Chairman, President and CEO, NIKE, Inc. “Through our Consumer Direct Offense, we’re putting even more firepower behind our greatest opportunities in Fiscal 2018. It will be a big year for NIKE innovation and we’ll bring those stories to life through deeper consumer connections in our key cities around the world.”**
Fourth Quarter Income Statement Review
Fiscal 2017 Income Statement Review
May 31, 2017 Balance Sheet Review
Share Repurchases
During the fourth quarter, NIKE, Inc. repurchased a total of 14.9 million shares for approximately $820 million as part of the four-year, $12 billion program approved by the Board of Directors in November 2015. As of May 31, 2017, a total of 79.8 million shares had been repurchased under this program for approximately $4.4 billion.
Conference Call
NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on June 29, 2017, to review fiscal fourth quarter and full year results. The conference call will be broadcast live over the Internet and can be accessed at http://investors.NIKE.com. For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, July 6, 2017.
About NIKE, Inc.
NIKE, Inc., based near Beaverton, Oregon, is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned NIKE, Inc. subsidiary brands include Converse, which designs, markets and distributes athletic lifestyle footwear, apparel and accessories; and Hurley, which designs, markets and distributes surf and youth lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at http://investors.NIKE.com and individuals can follow @NIKE.
* See additional information in the accompanying Divisional Revenues table regarding this non-GAAP financial measure. ** The marked paragraph contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q, and 10-K. NIKE, Inc. CONSOLIDATED STATEMENTS OF INCOME THREE MONTHS ENDED % TWELVE MONTHS ENDED % (Dollars in millions, except per share data) 5/31/2017 5/31/2016 Change 5/31/2017 5/31/2016 Change Revenues $ 8,677 $ 8,244 5 % $ 34,350 $ 32,376 6 % Cost of sales 4,854 4,458 9 % 19,038 17,405 9 % Gross profit 3,823 3,786 1 % 15,312 14,971 2 % Gross margin 44.1 % 45.9 % 44.6 % 46.2 % Demand creation expense 789 873 -10 % 3,341 3,278 2 % Operating overhead expense 1,876 1,893 -1 % 7,222 7,191 0 % Total selling and administrative expense 2,665 2,766 -4 % 10,563 10,469 1 % % of revenues 30.7 % 33.6 % 30.8 % 32.3 % Interest expense (income), net 18 5 — 59 19 — Other (income) expense, net (28 ) (58 ) — (196 ) (140 ) — Income before income taxes 1,168 1,073 9 % 4,886 4,623 6 % Income tax expense 160 227 -30 % 646 863 -25 % Effective tax rate 13.7 % 21.2 % 13.2 % 18.7 % NET INCOME $ 1,008 $ 846 19 % $ 4,240 $ 3,760 13 % Earnings per common share: Basic $ 0.61 $ 0.50 22 % $ 2.56 $ 2.21 16 % Diluted $ 0.60 $ 0.49 22 % $ 2.51 $ 2.16 16 % Weighted average common shares outstanding: Basic 1,646.9 1,682.4 1,657.8 1,697.9 Diluted 1,678.6 1,723.1 1,692.0 1,742.5 Dividends declared per common share $ 0.18 $ 0.16 $ 0.70 $ 0.62 NIKE, Inc. CONSOLIDATED BALANCE SHEETS May 31, May 31,(Dollars in millions) 2017 2016
% Change
ASSETS Current assets: Cash and equivalents $ 3,808 $ 3,138 21% Short-term investments 2,371 2,319 2% Accounts receivable, net 3,677 3,241 13% Inventories 5,055 4,838 4% Prepaid expenses and other current assets 1,150 1,489 -23% Total current assets 16,061 15,025 7% Property, plant and equipment, net 3,989 3,520 13% Identifiable intangible assets, net 283 281 1% Goodwill 139 131 6% Deferred income taxes and other assets 2,787 2,422 15% TOTAL ASSETS $ 23,259 $ 21,379 9% LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 6 $ 44 -86% Notes payable 325 1 — Accounts payable 2,048 2,191 -7% Accrued liabilities 3,011 3,037 -1% Income taxes payable 84 85 -1% Total current liabilities 5,474 5,358 2% Long-term debt 3,471 1,993 74% Deferred income taxes and other liabilities 1,907 1,770 8% Redeemable preferred stock — — — Shareholders' equity 12,407 12,258 1% TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 23,259 $ 21,379 9% NIKE, Inc. DIVISIONAL REVENUES% Change
% Change
Excluding
Excluding
THREE MONTHS ENDED %Currency
TWELVE MONTHS ENDED %Currency
(Dollars in millions) 5/31/2017 5/31/2016 ChangeChanges1
5/31/2017 5/31/2016 ChangeChanges1
North America Footwear $ 2,457 $ 2,367 4 % 4 % $ 9,684 $ 9,299 4 % 4 % Apparel 1,142 1,163 -2 % -2 % 4,886 4,746 3 % 3 % Equipment 154 205 -25 % -25 % 646 719 -10 % -10 % Total 3,753 3,735 0 % 1 % 15,216 14,764 3 % 3 % Western Europe Footwear 1,066 1,027 4 % 11 % 4,068 3,985 2 % 7 % Apparel 438 411 7 % 15 % 1,868 1,628 15 % 21 % Equipment 60 64 -6 % 1 % 275 271 1 % 7 % Total 1,564 1,502 4 % 12 % 6,211 5,884 6 % 11 % Central & Eastern Europe Footwear 233 224 4 % 9 % 927 882 5 % 9 % Apparel 103 102 1 % 2 % 471 463 2 % 4 % Equipment 21 19 11 % 11 % 89 86 3 % 6 % Total 357 345 3 % 6 % 1,487 1,431 4 % 7 % Greater China Footwear 765 681 12 % 18 % 2,920 2,599 12 % 18 % Apparel 293 268 9 % 14 % 1,188 1,055 13 % 18 % Equipment 29 30 -3 % -3 % 129 131 -2 % 3 % Total 1,087 979 11 % 16 % 4,237 3,785 12 % 17 % Japan Footwear 196 187 5 % 4 % 666 570 17 % 7 % Apparel 78 70 11 % 11 % 275 228 21 % 10 % Equipment 21 23 -9 % -10 % 73 71 3 % -6 % Total 295 280 5 % 5 % 1,014 869 17 % 7 % Emerging Markets Footwear 756 596 27 % 24 % 2,816 2,536 11 % 17 % Apparel 247 226 9 % 6 % 966 947 2 % 8 % Equipment 50 50 0 % -3 % 213 218 -2 % 2 % Total 1,053 872 21 % 18 % 3,995 3,701 8 % 14 % Global Brand Divisions2 18 12 50 % 68 % 73 73 0 % 2 % TOTAL NIKE BRAND 8,127 7,725 5 % 7 % 32,233 30,507 6 % 8 % Converse 554 513 8 % 10 % 2,042 1,955 4 % 6 % Corporate3 (4 ) 6 — — 75 (86 ) — — TOTAL NIKE, INC. REVENUES $ 8,677 $ 8,244 5 % 7 % $ 34,350 $ 32,376 6 % 8 % TOTAL NIKE BRAND Footwear $ 5,473 $ 5,082 8 % 10 % $ 21,081 $ 19,871 6 % 8 % Apparel 2,301 2,240 3 % 4 % 9,654 9,067 6 % 9 % Equipment 335 391 -14 % -14 % 1,425 1,496 -5 % -3 % Global Brand Divisions2 18 12 50 % 68 % 73 73 0 % 2 %1 Fiscal 2017 results have been restated using fiscal 2016 exchange rates for the comparative period to enhance the visibility of the underlying business trends excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure.
2 Global Brand Divisions revenues are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment.
3 Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through our central foreign exchange risk management program.
NIKE, Inc. SUPPLEMENTAL NIKE BRAND REVENUE DETAILS% Change
Excluding
TWELVE MONTHS ENDED
Currency
(Dollars in millions) 5/31/2017 5/31/20161% Change
Changes2
NIKE Brand Revenues by: Sales to Wholesale Customers $ 23,078 $ 22,577 2% 5% Sales Direct to Consumer 9,082 7,857 16% 18% Global Brand Divisions3 73 73 0% 2% TOTAL NIKE BRAND REVENUES $ 32,233 $ 30,507 6% 8% NIKE Brand Revenues on a Wholesale Equivalent Basis:4 Sales to Wholesale Customers $ 23,078 $ 22,577 2% 5% Sales from our Wholesale Operations to Direct to Consumer Operations 5,616 4,672 20% 22% TOTAL NIKE BRAND WHOLESALE EQUIVALENT REVENUES $ 28,694 $ 27,249 5% 8% NIKE Brand Wholesale Equivalent Revenues by:4 Men's $ 16,041 $ 15,410 4% 6% Women’s 6,644 6,296 6% 8% Young Athletes' 4,838 4,560 6% 8% Others5 1,171 983 19% 21% TOTAL NIKE BRAND WHOLESALE EQUIVALENT REVENUES $ 28,694 $ 27,249 5% 8% NIKE Brand Wholesale Equivalent Revenues by:4 Running $ 5,278 $ 5,017 5% 8% NIKE Basketball 1,292 1,378 -6% -5% Jordan Brand 3,099 2,753 13% 13% Football (Soccer) 1,987 2,143 -7% -4% Men’s Training 2,617 2,611 0% 1% Women’s Training 1,265 1,344 -6% -4% Action Sports 596 655 -9% -7% Sportswear 8,587 7,513 14% 17% Golf 579 706 -18% -18% Others6 3,394 3,129 8% 11% TOTAL NIKE BRAND WHOLESALE EQUIVALENT REVENUES $ 28,694 $ 27,249 5% 8%1 Certain prior year amounts have been reclassified to conform to fiscal 2017 presentation. These changes had no impact on previously reported results of operations or shareholders' equity.
2 Fiscal 2017 results have been restated using fiscal 2016 exchange rates for the comparative period to enhance the visibility of the underlying business trends excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure.
3 Global Brand Divisions revenues are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment.
4 References to NIKE Brand wholesale equivalent revenues, which are considered non-GAAP financial measures, are intended to provide context as to the total size of our NIKE Brand market footprint if we had no Direct to Consumer operations. NIKE Brand wholesale equivalent revenues consist of 1) sales to external wholesale customers and 2) internal sales from our wholesale operations to our Direct to Consumer operations which are charged at prices that are comparable to prices charged to external wholesale customers.
5 Others include all unisex products, equipment and other products not allocated to Men's, Women's and Young Athletes', as well as certain adjustments that are not allocated to products designated by gender or age.
6 Others include all other categories and certain adjustments that are not allocated at the category level.
NIKE, Inc. EARNINGS BEFORE INTEREST AND TAXES1 THREE MONTHS ENDED % TWELVE MONTHS ENDED % (Dollars in millions) 5/31/2017 5/31/2016 Change 5/31/2017 5/31/2016 Change North America $ 979 $ 936 5 % $ 3,875 $ 3,763 3 % Western Europe 285 308 -7 % 1,203 1,434 -16 % Central & Eastern Europe 48 46 4 % 244 289 -16 % Greater China 380 357 6 % 1,507 1,372 10 % Japan 77 55 40 % 224 174 29 % Emerging Markets 215 191 13 % 816 892 -9 % Global Brand Divisions2 (689 ) (722 ) 5 % (2,677 ) (2,596 ) -3 % TOTAL NIKE BRAND 1,295 1,171 11 % 5,192 5,328 -3 % Converse 137 128 7 % 477 487 -2 % Corporate3 (246 ) (221 ) -11 % (724 ) (1,173 ) 38 % TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES 1,186 1,078 10 % 4,945 4,642 7 % Interest expense (income), net 18 5 — 59 19 — TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $ 1,168 $ 1,073 9 % $ 4,886 $ 4,623 6 % 1 The Company evaluates performance of individual operating segments based on earnings before interest and taxes (commonly referred to as “EBIT”), which represents net income before interest expense (income), net and income tax expense.2 Global Brand Divisions primarily represent demand creation, operating overhead and product creation and design expenses that are centrally managed for the NIKE Brand. Revenues for Global Brand Divisions are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment.
3 Corporate consists largely of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170629006278/en/
NIKE, Inc.Investor Contact:Nitesh Sharan, 503-532-2828orMedia Contact:Kellie Leonard, 503-671-6171
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