Nike (NKE) posted $3.9 Billion revenues (up 9%, but 3% was from currency adjustments) and posted EPS of $1.37 (up 10% from last year); estimates were $3.93 Billion and $1.33 EPS. Gross margins were 44.2% during the third quarter compared to 43.6% year ago.
Mark Parker, Nike, Inc. president and chief executive officer (consolidated): "We had a strong third quarter. Our mix of compelling product and premium consumer experiences drove a meaningful acceleration of futures orders. We continue to grow because we’re innovative, disciplined, and connected to our consumers."
Worldwide futures orders for athletic footwear and apparel, scheduled for delivery from March 2007 through July 2007, totaling $6.0 billion, 9 percent higher than such orders reported for the same period last year (currency adjustments helped that by 1%).
We’ll have to see about the guidance, but shares have traded up 2% to more than $110.50 after closing down 0.25% at $108.60 on the day. The 52-week range is $75.52 to $110.10. So if the after-hours holds, this will be a new high on the name.
Jon C. Ogg
March 22, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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