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NIKE, Inc. Reports Fiscal 2019 Fourth Quarter and Full Year Results

June 27, 2019

BEAVERTON, Ore., June 27, 2019 - NIKE, Inc. (NYSE:NKE) today reported financial results for its fiscal 2019 fourth quarter and full year ended May 31, 2019.

Fourth quarter revenue increased to $10.2 billion, up 4 percent on a reported basis and up 10 percent on a currency-neutral basis*. Full year revenue rose to $39.1 billion, up 7 percent on a reported basis and up 11 percent on a currency-neutral basis, as strategic investments in innovation and digital drove global consumer demand led by NIKE Direct in both periods.

“FY19 was a pivotal year for NIKE as we continue to bring our Consumer Direct Offense to life throughout the marketplace,” said Mark Parker, Chairman, President and CEO, NIKE, Inc. “Our distinctive innovation and digital advantage led to accelerated growth across our complete portfolio, while our Brand fueled deeper relationships with consumers around the globe.”**
Diluted earnings per share in the fourth quarter was $0.62 driven by revenue growth, strong gross margin expansion, and a lower average share count, partially offset by higher selling and administrative expense and a higher tax rate. Diluted earnings per share for the full year was $2.49.

“Reflecting on our FY19 performance, it is clear that growth is paramount at NIKE, and that our strong growth is being driven by strategic transformation,” said Andy Campion, Executive Vice President and CFO, NIKE, Inc. “Amid foreign exchange volatility, our double-digit currency-neutral revenue growth and expanding ROIC showcase NIKE’s unrivaled ability to create extraordinary value for consumers and shareholders over the long term.”**

Fourth Quarter Income Statement Review

• Revenues for NIKE, Inc. increased 4 percent to $10.2 billion, up 10 percent on a currency- neutral basis.
Revenues for the NIKE Brand were $9.7 billion, up 10 percent on a currency-neutral basis, driven by growth across NIKE Direct and wholesale, key categories including Sportswear, Jordan and Basketball, and continued growth across footwear and apparel.
Revenues for Converse were $491 million, flat to prior year on a currency-neutral basis, mainly driven by double-digit growth in Asia and digital which was offset by declines in the U.S. and Europe.

• Gross margin increased 80 basis points to 45.5 percent due primarily to higher average selling prices, impacts from foreign currency, and growth in NIKE Direct. These benefits were partially offset by higher product costs and supply chain investments.

• Selling and administrative expense increased 9 percent to $3.4 billion. Demand creation expense was $1.0 billion, up 3 percent to prior year due to global brand campaigns and key sports moments. Operating overhead expense increased 12 percent to $2.4 billion driven primarily by wage-related and administrative expenses, which reflect critical investments in innovation, data and analytics, and new capabilities to accelerate our end-to-end digital transformation.

• The effective tax rate was 20.4 percent, compared to 6.4 percent for the same period last year, due to several discrete impacts within the prior period, including adjustments to the provisional charges related to the enactment of the Tax Cuts and Jobs Act (the "Tax Act").

• Net income was $989 million and diluted earnings per share was $0.62 driven by strong revenue growth, gross margin expansion, and a lower average share count, which were slightly offset by higher selling and administrative expense and a higher tax rate.

Fiscal 2019 Income Statement Review

• Revenues for NIKE, Inc. rose 7 percent to $39.1 billion, up 11 percent on a currency-neutral basis.

- Revenues for the NIKE Brand were $37.2 billion, up 11 percent on a currency-neutral basis driven by growth across NIKE Direct and wholesale, key categories including Sportswear, Jordan and Running, and double-digit growth across footwear and apparel.
- NIKE Direct revenues were $11.8 billion, up 16 percent on a currency-neutral basis, driven by a 35 percent increase in digital commerce sales, 6 percent growth in comparable store sales as well as the addition of new stores. Sales to wholesale customers increased 10%.
- Revenues for Converse were $1.9 billion, up 3 percent on a currency-neutral basis, mainly driven by double-digit growth in Asia and digital which was partially offset by declines in the U.S. and Europe.

• Gross margin increased 90 basis points to 44.7 percent due primarily to higher average selling prices, impacts from foreign currency, and growth in NIKE Direct. These benefits were partially offset by higher product costs.

• Selling and administrative expense increased 10 percent to $12.7 billion. Demand creation expense was $3.8 billion, up 5 percent to prior year due to sports marketing investments, global brand campaigns, key sports moments and new product launches. Operating overhead expense increased 13 percent to $8.9 billion driven primarily by wage-related and administrative expenses, which reflect critical investments in innovation, data and analytics, and new capabilities to accelerate our end-to-end digital transformation.

• The effective tax rate was 16.1 percent, compared to 55.3 percent for the same period last year, due to significant charges related to the enactment of the Tax Act in the prior year.

Net income increased to $4.0 billion and diluted earnings per share was $2.49 driven by strong revenue growth, gross margin expansion, a lower average share count and a lower tax rate, which was partially offset by higher selling and administrative expense.

May 31, 2019 Balance Sheet Review

• Inventories for NIKE, Inc. were $5.6 billion, up 7 percent compared to the prior year period, with healthy inventory levels across all geographies.
• Cash and equivalents and short-term investments were $4.7 billion, $582 million lower than last year as share repurchases, dividends, and investments in infrastructure more than offset proceeds from net income.

During the fourth quarter, NIKE, Inc. repurchased 10.6 million shares for approximately $897 million as part of the four-year, $15 billion program approved by the Board of Directors in June 2018. As of May 31, 2019, a total of 11.6 million had been repurchased under this program for approximately $986 million.

In fiscal 2019, NIKE, Inc. repurchased a total of 54.3 million shares for approximately $4.3 billion under the above mentioned $15 billion program currently in use as well as the previous $12 billion program approved by the Board of Directors in November 2015.

NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on June 27, 2019, to review fiscal fourth quarter and full year results. The conference call will be broadcast live via webcast 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 11, 2019.

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. Individuals can also visit http://news.nike.com and 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 U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K.

Sours: https://news.nike.com/news/nike-inc-reports-fiscal-2019-fourth-quarter-and-full-year-results

Income Statement

All numbers in thousands

ttm

5/31/2021

5/31/2020

5/31/2019

5/31/2018

Total Revenue

46,192,000

44,538,000

37,403,000

39,117,000

36,397,000

Cost of Revenue

25,275,000

24,576,000

21,162,000

21,643,000

20,441,000

Gross Profit

20,917,000

19,962,000

16,241,000

17,474,000

15,956,000

Operating Expense

13,622,000

13,025,000

13,126,000

12,702,000

11,511,000

Operating Income

7,295,000

6,937,000

3,115,000

4,772,000

4,445,000

Net Non Operating Interest Income Expense

-254,000

-262,000

-89,000

-49,000

-54,000

Other Income Expense

11,000

-14,000

-139,000

78,000

-66,000

Pretax Income

7,052,000

6,661,000

2,887,000

4,801,000

4,325,000

Tax Provision

969,000

934,000

348,000

772,000

2,392,000

Net Income Common Stockholders

6,083,000

5,727,000

2,539,000

4,029,000

1,933,000

Diluted NI Available to Com Stockholders

6,083,000

5,727,000

2,539,000

4,029,000

1,933,000

Basic EPS

-

3.64

1.63

2.55

1.19

Diluted EPS

-

3.56

1.60

2.49

1.17

Basic Average Shares

-

1,573,000

1,558,800

1,579,700

1,623,800

Diluted Average Shares

-

1,609,400

1,591,600

1,618,400

1,659,100

Total Expenses

38,897,000

37,601,000

34,288,000

34,345,000

31,952,000

Net Income from Continuing & Discontinued Operation

6,083,000

5,727,000

2,539,000

4,029,000

1,933,000

Normalized Income

6,083,000

5,727,000

2,539,000

4,029,000

1,933,000

Net Interest Income

-254,000

-262,000

-89,000

-49,000

-54,000

EBIT

7,295,000

6,937,000

3,115,000

4,772,000

4,445,000

Reconciled Cost of Revenue

25,275,000

24,576,000

21,162,000

21,643,000

20,441,000

Reconciled Depreciation

748,000

797,000

1,119,000

720,000

774,000

Net Income from Continuing Operation Net Minority Interest

6,083,000

5,727,000

2,539,000

4,029,000

1,933,000

Normalized EBITDA

8,043,000

7,734,000

4,234,000

5,492,000

5,219,000

Tax Effect of Unusual Items

0

0

0

0

0

Sours: https://finance.yahoo.com/quote/nke/financials/
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Nike misses on earnings, but beats on revenues as customers buy more sneakers and sports gear

The company said its profit margins were hurt this quarter partially because of investments to sell more directly to consumers and less through wholesalers. Nike has had to sell more of its products directly to customers as retailers like Sports Authority have filed for bankruptcy, and department stores are struggling.

It's also investing in its supply chain to create new items, like Vapormax running shoes, and stock stores faster for shoppers. And this is something that gives it a leg up over Adidas and Under Armour.

CEO Mark Parker said in a statement announcing the results that Nike has built "deeper relationships" with shoppers around the globe during the quarter. For example, it recently launched a feature in its main app called "Nike Fit" that scans shoppers' feet and tells them their accurate shoe sizes.

Nike said revenues from its direct-to-consumer division amounted to $11.8 billion in fiscal 2019, fueled by a 35% jump in online sales and same-store sales growth of 6%. Nike said sales to wholesale customers were up 10% for the year.

Meantime, Nike said its women's business was up double-digits for the year and accelerated as fiscal 2019 went on. During the fourth quarter, it rolled out more sports bras in extended sizes and revamped Jordan sneakers for women, as it tries to grow sales to female shoppers. Nike has historically sold much more gear to men.

"The major unlock we see over the next several years is the opportunity that digital provides," Parker told analysts on a post-earnings conference call about selling more to women. "Distribution is often one of our biggest barriers, and we continue to find that when we present product in a more future-forward way, we're able to take the female consumer some place new, and they're responding."

Parker added Nike's direct-to-consumer women's business is still outpacing the wholesale channel.

And despite an ongoing trade war between the U.S. and China, Parker said "we are and remain a brand of China and for China." The company said it hasn't seen any impact to date on its business from the ongoing tensions overseas. It said, "the consumer sentiment around Nike in China has been actually quite strong."

Nike shares had closed Thursday up a little more than 1%.

The stock is up about 17% over the past 12 months, bringing the retailer's market cap to roughly $131.4 billion. It's also significantly outperformed the S&P 500 Retail ETF (XRT), which is down 14% from a year ago.

Sours: https://www.cnbc.com/2019/06/27/nike-reports-fiscal-4q-2019-earnings.html
[LIVE] Sidang Penggal Keempat Parlimen ke-14 (Sesi Petang)
Fiscal year is June-May. All values USD Millions.202120202019201820175-year trend
Sales/Revenue44,49337,42039,12236,36334,254
Sales Growth 18.90%-4.35%7.59%6.16%-
Cost of Goods Sold (COGS) incl. D&A24,58821,52621,69620,35119,377
COGS excluding D&A23,84420,80520,99119,60418,671
Depreciation & Amortization Expense744721705747706
Depreciation744721705747706
Amortization of Intangibles-----
Amortization of Deferred Charges-----
COGS Growth14.22%-0.78%6.61%5.03%-
Gross Income19,90515,89417,42616,01214,877
Gross Income Growth25.24%-8.79%8.83%7.63%-
Gross Profit Margin44.74%----
SG&A Expense12,77313,12412,70211,51210,563
Research & Development-----
Other SG&A12,77313,12412,70211,51210,563
SGA Growth-2.67%3.32%10.34%8.98%-
Other Operating Expense-----
EBIT7,1322,7704,7244,500-
Unusual Expense461(75)(173)6146
Non Operating Income/Expense245124(54)(67)673
Non-Operating Interest Income3462827027
Equity in Affiliates (Pretax)-----
Interest Expense28914412411782
Interest Expense Growth100.69%16.13%5.98%42.68%-
Gross Interest Expense28914412411782
Interest Capitalized-----
Pretax Income6,6612,8874,8014,3254,886
Pretax Income Growth130.72%-39.87%11.01%-11.48%-
Pretax Margin14.97%----
Income Tax9343487722,392646
Income Tax - Current Domestic462(28)1301,212480
Income Tax - Current Foreign857756608533439
Income Tax - Deferred Domestic(405)(278)(42)620(288)
Income Tax - Deferred Foreign20(102)762715
Income Tax Credits-----
Equity in Affiliates-----
Other After Tax Income (Expense)-----
Consolidated Net Income5,7272,5394,0291,9334,240
Minority Interest Expense-----
Net Income5,7272,5394,0291,9334,240
Net Income Growth125.56%-36.98%108.43%-54.41%-
Net Margin12.87%----
Extraordinaries & Discontinued Operations-----
Extra Items & Gain/Loss Sale Of Assets-----
Cumulative Effect - Accounting Chg-----
Discontinued Operations-----
Net Income After Extraordinaries5,7272,5394,0291,9334,240
Preferred Dividends-----
Net Income Available to Common5,7272,5394,0291,9334,240
EPS (Basic)3.561.602.491.172.51
EPS (Basic) Growth123.08%-35.92%112.78%-53.39%-
Basic Shares Outstanding1,5731,5591,5801,6241,658
EPS (Diluted)3.561.602.491.172.51
EPS (Diluted) Growth123.07%-35.92%113.67%-53.51%-
Diluted Shares Outstanding1,6091,5921,6181,6591,692
EBITDA7,8763,4915,4295,2475,020
EBITDA Growth125.61%-35.70%3.47%4.52%-
EBITDA Margin17.70%----
EBIT7,1322,7704,7244,500-
Sours: https://www.wsj.com/market-data/quotes/NKE/financials/annual/income-statement

2019 nike revenue

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