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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 | |
---|---|---|---|---|---|---|---|---|
0.45 | 0.49% | 92.60 | 5,455 | 11:07:35 |
NIKE, Inc. (NYSE:NKE) today reported financial results for its fiscal 2017 third quarter ended February 28, 2017. Consumer demand in all geographies drove revenue growth across the NIKE Brand portfolio. Diluted earnings per share were up 24 percent and grew faster than revenue, primarily due to selling and administrative expense leverage, higher other income (net), a lower effective tax rate and a lower average share count.
“The power of NIKE’s diverse, global portfolio delivered another solid quarter of growth and profitability,” said Mark Parker, Chairman, President and CEO, NIKE, Inc. “To expand our leadership and ignite NIKE’s next phase of growth, we’re delivering a relentless flow of innovation through performance and style, increasing speed throughout the business and creating more direct connections with consumers leveraging digital and membership.”**
Third Quarter Income Statement Review
February 28, 2017 Balance Sheet Review
Share Repurchases
During the third quarter, NIKE, Inc. repurchased a total of 8.9 million shares for approximately $475 million as part of the four-year, $12 billion program approved by the Board of Directors in November 2015. As of February 28, 2017, a total of 64.9 million shares had been repurchased under this program for approximately $3.6 billion.
Futures Orders
Worldwide futures orders for the NIKE Brand will be referenced on our earnings conference calls as deemed appropriate. NIKE Brand and geography Futures Orders growth versus the prior year will be posted on the NIKE, Inc. Investor Relations website at http://investors.NIKE.com following the call.
Conference Call
NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on March 21, 2017, to review fiscal third quarter 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 For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, March 28, 2017.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 paragraphs contain 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 % NINE MONTHS ENDED % (Dollars in millions, except per share data) 2/28/2017 2/29/2016 Change 2/28/2017 2/29/2016 Change Revenues $ 8,432 $ 8,032 5 % $ 25,673 $ 24,132 6 % Cost of sales 4,682 4,343 8 % 14,184 12,947 10 % Gross profit 3,750 3,689 2 % 11,489 11,185 3 % Gross margin 44.5 % 45.9 % 44.8 % 46.3 % Demand creation expense 749 804 -7 % 2,552 2,405 6 % Operating overhead expense 1,747 1,762 -1 % 5,346 5,298 1 % Total selling and administrative expense 2,496 2,566 -3 % 7,898 7,703 3 % % of revenue 29.6 % 31.9 % 30.8 % 31.9 % Interest expense (income), net 19 5 — 41 14 — Other (income) expense, net (88 ) (17 ) — (168 ) (82 ) — Income before income taxes 1,323 1,135 17 % 3,718 3,550 5 % Income tax expense 182 185 -2 % 486 636 -24 % Effective tax rate 13.8 % 16.3 % 13.1 % 17.9 % NET INCOME $ 1,141 $ 950 20 % $ 3,232 $ 2,914 11 % Earnings per common share: Basic $ 0.69 $ 0.56 23 % $ 1.95 $ 1.71 14 % Diluted $ 0.68 $ 0.55 24 % $ 1.91 $ 1.67 14 % Weighted average common shares outstanding: Basic 1,653.1 1,693.8 1,661.5 1,703.2 Diluted 1,686.3 1,737.3 1,696.4 1,748.5 Dividends declared per common share $ 0.18 $ 0.16 $ 0.52 $ 0.46 NIKE, Inc. CONSOLIDATED BALANCE SHEETS February 28, February 29,(Dollars in millions) 2017 2016
% Change
ASSETS Current assets: Cash and equivalents $ 4,021 $ 3,044 32 % Short-term investments 2,139 2,062 4 % Accounts receivable, net 3,752 3,368 11 % Inventories 4,932 4,590 7 % Prepaid expenses and other current assets 1,361 1,782 -24 % Total current assets 16,205 14,846 9 % Property, plant and equipment, net 3,793 3,329 14 % Identifiable intangible assets, net 283 281 1 % Goodwill 139 131 6 % Deferred income taxes and other assets1 2,732 2,381 15 % TOTAL ASSETS $ 23,152 $ 20,968 10 % LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 6 $ 7 -14 % Notes payable 23 — 100 % Accounts payable 1,938 1,714 13 % Accrued liabilities1 3,228 3,223 0 % Income taxes payable 76 35 117 % Total current liabilities 5,271 4,979 6 % Long-term debt 3,472 2,031 71 % Deferred income taxes and other liabilities1 1,687 1,658 2 % Redeemable preferred stock — — — Shareholders' equity 12,722 12,300 3 % TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 23,152 $ 20,968 10 % 1 During the fourth quarter of fiscal 2016, NIKE, Inc. adopted Accounting Standards Update No. 2015-17, which requires all deferred tax assets and deferred tax liabilities to be classified as non-current. All periods presented have been updated to reflect these changes. NIKE, Inc. DIVISIONAL REVENUES% Change
% Change
Excluding
Excluding
THREE MONTHS ENDED %Currency
NINE MONTHS ENDED %Currency
(Dollars in millions) 2/28/2017 2/29/2016 ChangeChanges1
2/28/2017 2/29/2016 ChangeChanges1
North America Footwear $ 2,490 $ 2,404 4 % 3 % $ 7,227 $ 6,932 4 % 4 % Apparel 1,154 1,115 3 % 3 % 3,744 3,583 4 % 4 % Equipment 138 164 -16 % -16 % 492 514 -4 % -4 % Total 3,782 3,683 3 % 3 % 11,463 11,029 4 % 4 % Western Europe Footwear 990 985 1 % 6 % 3,002 2,958 1 % 6 % Apparel 445 392 14 % 21 % 1,430 1,217 18 % 23 % Equipment 64 65 -2 % 5 % 215 207 4 % 9 % Total 1,499 1,442 4 % 10 % 4,647 4,382 6 % 11 % Central & Eastern Europe Footwear 232 237 -2 % 1 % 694 658 5 % 9 % Apparel 110 102 8 % 8 % 368 361 2 % 5 % Equipment 20 20 0 % 0 % 68 67 1 % 6 % Total 362 359 1 % 3 % 1,130 1,086 4 % 7 % Greater China Footwear 776 719 8 % 14 % 2,155 1,918 12 % 18 % Apparel 271 235 15 % 22 % 895 787 14 % 19 % Equipment 28 28 0 % 7 % 100 101 -1 % 4 % Total 1,075 982 9 % 15 % 3,150 2,806 12 % 18 % Japan Footwear 153 133 15 % 8 % 470 383 23 % 8 % Apparel 67 52 29 % 21 % 197 158 25 % 10 % Equipment 16 20 -20 % -24 % 52 48 8 % -4 % Total 236 205 15 % 8 % 719 589 22 % 8 % Emerging Markets Footwear 673 596 13 % 17 % 2,060 1,940 6 % 15 % Apparel 222 228 -3 % 3 % 719 721 0 % 8 % Equipment 55 55 0 % 2 % 163 168 -3 % 3 % Total 950 879 8 % 13 % 2,942 2,829 4 % 12 % Global Brand Divisions2 19 17 12 % 12 % 55 61 -10 % -10 % Total NIKE Brand 7,923 7,567 5 % 7 % 24,106 22,782 6 % 8 % Converse 498 489 2 % 3 % 1,488 1,442 3 % 4 % Corporate3 11 (24 ) — — 79 (92 ) — — Total NIKE, Inc. Revenues $ 8,432 $ 8,032 5 % 7 % $ 25,673 $ 24,132 6 % 8 % Total NIKE Brand Footwear $ 5,314 $ 5,074 5 % 7 % $ 15,608 $ 14,789 6 % 8 % Apparel 2,269 2,124 7 % 9 % 7,353 6,827 8 % 10 % Equipment 321 352 -9 % -7 % 1,090 1,105 -1 % 1 % Global Brand Divisions2 19 17 12 % 12 % 55 61 -10 % -10 %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. EARNINGS BEFORE INTEREST AND TAXES1 THREE MONTHS ENDED % NINE MONTHS ENDED % (Dollars in millions) 2/28/2017 2/29/2016 Change 2/28/2017 2/29/2016 Change North America $ 980 $ 903 9 % $ 2,896 $ 2,827 2 % Western Europe 290 334 -13 % 918 1,126 -18 % Central & Eastern Europe 57 69 -17 % 196 243 -19 % Greater China 381 358 6 % 1,127 1,015 11 % Japan 49 36 36 % 147 119 24 % Emerging Markets 193 202 -4 % 601 701 -14 % Global Brand Divisions2 (598 ) (625 ) 4 % (1,988 ) (1,874 ) -6 % TOTAL NIKE BRAND 1,352 1,277 6 % 3,897 4,157 -6 % Converse 109 127 -14 % 340 359 -5 % Corporate3 (119 ) (264 ) 55 % (478 ) (952 ) 50 %TOTAL EARNINGS BEFORE INTEREST AND TAXES
1,342 1,140 18 % 3,759 3,564 5 % Interest expense (income), net 19 5 — 41 14 —TOTAL INCOME BEFORE INCOME TAXES
$ 1,323 $ 1,135 17 % $ 3,718 $ 3,550 5 % 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 and is considered a non-GAAP financial measure.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/20170321006511/en/
NIKE, Inc.Investor Contact:Nitesh Sharan, 503-532-2828orMedia Contact:Kellie Leonard, 503-671-6171
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