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Nike 2nd quarter net income declines as growth in China slows,[link widoczny dla zalogowanych]
BEAVERTON, Ore. - Strong demand in North America helped Nike post second-quarter net income that beat expectations, despite weaker sales in China and costs related to the sale of two brands.
The world's largest athletic gear maker on Thursday reported its net income fell 18 per cent during the three months ended Nov. 30, but revenue rose 7 per cent,[link widoczny dla zalogowanych], fueled by the continued popularity of its Nike brand. Results reassured investors about the company's strength and shares rose 5 per cent in aftermarket trading.
Like most global companies,[link widoczny dla zalogowanych], Nike Inc. has been dealing with Europe's weak economy and a slowdown in growth in China. Nike reiterated its message from earlier this year that it is working to reduce its inventory in China and reworking its offerings there to adapt to the changing tastes of Chinese consumers.
"We know what needs to be done in China and we know we can do it because we've done it before,[link widoczny dla zalogowanych]," said CEO Mark Parker in a conference call with investors on Thursday.
Orders for Nike shoes and apparel to be delivered between December and April rose 6 per cent from the same period a year ago,[link widoczny dla zalogowanych], to $9.3 billion. That's down from a 13 per cent increase last year.
Meanwhile, a 14 per cent rise in inventory in North America was offset by a 6 per cent decline in greater China.
During the latest quarter,[link widoczny dla zalogowanych], Nike completed the sale of its Umbro and Cole Haan brands to focus on its more profitable lines,[link widoczny dla zalogowanych], like the namesake Nike brand.
Net income for the three months ended Nov. 30 fell to $384 million, or $1.14 per share. That compares with $469 million,[link widoczny dla zalogowanych], or $1.03 per share,[link widoczny dla zalogowanych], last year when it had about 3 per cent more shares outstanding. Analysts expected $1 per share according to FactSet.
Nike brand revenue rose 11 per cent,[link widoczny dla zalogowanych], while revenue from other brands, including Converse, Hurley and Nike Golf, rose 6 per cent.
Revenue rose 7 per cent to $5.96 billion from $5.55 billion last year,[link widoczny dla zalogowanych], slightly short of the $6.01 billion analysts expected.
Sales in China were down 11 per cent and down 2 per cent in Western Europe. But they rose 17 per cent in North America,[link widoczny dla zalogowanych], by far Nike's largest market, helped by demand for basketball shoes and NFL gear. Emerging markets were also a strong point,[link widoczny dla zalogowanych], with revenue up 11 per cent.
Higher selling prices and easing raw material costs were offset by higher labour costs and fluctuations in foreign currency exchange rates,[link widoczny dla zalogowanych].
Nike's stock rose $4.71 to $103.71 in aftermarket trading, after ending the regular session up $1.22 at $99. As of Thursday's close,[link widoczny dla zalogowanych], the stock is up about 2.7 per cent this year.
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