Nike, Inc.

NIKE Reports Second Quarter Earnings Per Share Up 47 Percent; Worldwide Futures Orders Increase 9.1 Percent

    Beaverton, Oregon (ots/PRNewswire) -

@@start.t1@@      Highlights:
      -  Record second quarter earnings per diluted share increased 47 percent
            to USD$0.97 versus USD$0.66 per diluted share a year ago
      -  Highest second quarter revenues, up 11 percent to USD$3.1 billion
      -  Gross margin improved 1.8 points to 44.1 percent
      -  Worldwide futures orders increased 9.1 percent@@end@@

    NIKE, Inc. (NYSE: NKE) today reported revenues and earnings for the Company's second quarter ended November 30, 2004. Second quarter revenues increased 11 percent to USD$3.1 billion, versus USD$2.8 billion for the same period last year. Second quarter net income totaled USD$261.9 million, or USD$0.97 per diluted share, compared to USD$179.1 million, or USD$0.66 per diluted share in the prior year.

    (Logo: http://www.newscom.com/cgi-bin/prnh/19990818/NIKELOGO )

    "We posted another quarter of record results," said Philip H. Knight, Chairman and CEO. "Nike's second quarter revenues and earnings per share reached all-time high levels as a result of solid performance across our global portfolio. Our businesses in the United States and emerging markets such as China, Russia and Turkey, combined with favorable European exchange rates, helped drive much of this growth."(i)

    Knight added, "With the first half of our fiscal year in the books, we remain confident that our business strategy and consistent execution will allow us to deliver on our goals of healthy, profitable growth."(i)

    Futures Orders

    The Company reported worldwide futures orders for athletic footwear and  apparel, scheduled for delivery from December 2004 through April 2005,  totaling USD$4.9 billion, 9.1 percent higher than such orders reported for  the same period last year. Currency exchange rates had no net impact to this  growth.(i)

    By region, futures orders for the U.S. were up 10 percent; Europe increased six percent; Asia Pacific grew 14 percent; and the Americas increased 15 percent. In Europe, one point of the increase was due to currency exchange rates. Currency exchange reduced the growth in Asia Pacific and the Americas by approximately one point and three points, respectively.(i)

    Knight continued, "Consumer demand for Nike products continues to grow, as evidenced by our sixth consecutive quarter of strong futures results. The U.S. market has been particularly robust, reporting futures growth of 10 percent. The Nike brand is healthier than ever and our innovative products continue to excite consumers around the world."(i)

    Regional Highlights

    U.S.

    During the second quarter, U.S. revenues increased five percent to USD$1.13 billion versus USD$1.08 billion for the second quarter of fiscal 2004. U.S. athletic footwear revenues increased nine percent to USD$680.0 million. Apparel revenues decreased three percent to USD$384.7 million. This decline was due predominantly to the expiration of Nike's license agreement with the NBA. Equipment revenues increased 11 percent to USD$67.3 million. U.S. pre-tax income increased 21 percent to USD$232.6 million.

    EMEA

    Revenues for the Europe, Middle East and Africa region grew 13 percent to USD$961.1 million, up from USD$847.8 million for the same period last year. Eight points of this growth were the result of changes in currency exchange rates. Footwear revenues increased 13 percent to USD$531.8 million, apparel revenues increased 14 percent to USD$370.0 million and equipment revenues increased 18 percent to USD$59.3 million. Pre-tax income rose 43 percent to USD$197.6 million.

    Asia Pacific

    Revenues in the Asia Pacific region grew 17 percent to USD$483.5 million compared to USD$412.0 million a year ago. Three points of this growth were the result of changes in currency exchange rates. Footwear revenues were up 15 percent to USD$236.6 million, apparel revenues increased 19 percent to USD$207.8 million and equipment grew 23 percent to USD$39.1 million. Pre-tax income was up 14 percent to USD$112.0 million.

    Americas

    Revenues in the Americas region increased 23 percent to USD$189.3 million, an improvement from USD$154.3 million in the second quarter of fiscal 2004. Currency exchange rates resulted in a one-percentage point increase in this growth rate. Footwear revenues were up 25 percent to USD$129.8 million, apparel revenues increased 14 percent to USD$46.9 million and equipment improved 34 percent to USD$12.6 million. Pre-tax income grew 43 percent to USD$44.5 million.

    Other Revenues

    Other revenues, which include Converse Inc., NIKE Golf, Bauer NIKE Hockey Inc., Cole Haan, Hurley International LLC and Exeter Brands Group LLC, grew 12 percent to USD$382.4 million from USD$340.0 million last year. Pre-tax income increased 210 percent to USD$20.8 million.

    Income Statement Review

    Gross margins were 44.1 percent compared to 42.3 percent last year. Selling and administrative expenses were 30.9 percent of second quarter revenues, compared to 31.8 percent last year. The effective tax rate for the second quarter was 35.0 percent.

    Balance Sheet Review

    At quarter end, global inventories stood at USD$1.7 billion, an increase of six percent from November 30, 2003. Cash and short-term investments were USD$1.7 billion at the end of the quarter, compared to USD$968.9 million last year

    Share Repurchase

    During the quarter, the Company purchased a total of 626,300 shares for approximately USD$48.6 million in conjunction with the Company's four-year, USD$1.5 billion share repurchase program that was approved by the Board of Directors in June 2004. To date, the Company has repurchased a total of 2,768,900 shares under this program.

    NIKE, Inc. based in 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 subsidiaries include Converse Inc., which designs, markets and distributes athletic footwear, apparel and accessories; Bauer NIKE Hockey Inc., a leading designer and distributor of hockey equipment; Cole Haan, a leading designer and marketer of luxury shoes, handbags, accessories and coats; Hurley International LLC, which designs, markets and distributes action sports and youth lifestyle footwear, apparel and accessories and Exeter Brands Group LLC, which designs and markets athletic footwear and apparel for the value retail channel.

    NIKE's earnings releases and other financial information are available on the Internet at www.NikeBiz.com/invest. This quarter, Nikebiz will feature expanded information and relevant highlights of product and key initiatives for the reporting period.

    (i) 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 S.E.C., including Forms 8-K, 10-Q, and 10-K. Some forward-looking statements in this release concern changes in futures orders that are not necessarily indicative of changes in total revenues for subsequent periods due to the mix of futures and "at once" orders, which may vary significantly from quarter to quarter.

@@start.t2@@                                                      NIKE, Inc.
                                  CONSOLIDATED FINANCIAL STATEMENTS
                                FOR THE PERIOD ENDED NOVEMBER 30, 2004
                                 (In millions, except per share data)
                                            All Amounts in USD$
        INCOME                        QUARTER ENDING              YEAR-TO-DATE ENDING
        STATEMENT    11/30/2004  11/30/2003 % Chg  11/30/2004 11/30/2003 % Chg
      Revenues          $3,148.3    $2,837.1    11%        $6,710.1  $5,862.0      14%
      Cost of Sales    1,760.2      1,637.5      7%         3,736.2    3,360.9      11%
      Gross Margin      1,388.1      1,199.6    16%         2,973.9    2,501.1      19%
                                  44.1%         42.3%                      44.3%        42.7%
      SG&A                      973.2         902.5      8%         2,046.8    1,772.1      16%
                                  30.9%         31.8%                      30.5%        30.2%
      Interest
        Expense, net          3.7            8.1  -54%                8.5         15.6    -46%
      Other                        8.2          14.3  -43%              10.1         38.1    -73%
      Income Before
        Income Taxes        403.0         274.7    47%            908.5        675.3      35%
      Income Taxes         141.1          95.6    48%            319.8        235.0      36%
                                  35.0%          34.8%                      35.2%      34.8%
      Net Income            $261.9        $179.1  46%            $588.7      $440.3    34%
      Diluted EPS            $0.97         $0.66  47%              $2.18        $1.64    33%
      Basic EPS                $0.99         $0.68  46%              $2.24        $1.67    34%
      Weighted Average
        Common Shares
        Outstanding:
      Diluted                  271.1         269.5                        270.5        268.3
      Basic                      263.3         263.3                        263.0        263.1
      Dividend                 $0.25         $0.20                        $0.45        $0.34
        NIKE, Inc.
        BALANCE SHEET (i)                                              11/30/2004        11/30/2003
          ASSETS
      Cash & Equivalents                                                $1,181.8              $968.9
      Short-term Investments                                              476.2                    --
      Accounts Receivable                                                2,125.8            1,964.4
      Inventory                                                                1,692.4            1,592.0
      Deferred Taxes                                                          184.2                212.7
      Prepaid Expenses and Other Curr Assets                    390.3                309.2
          Current Assets                                                  6,050.7            5,047.2
      Fixed Assets                                                          3,294.5            3,082.1
      Depreciation                                                          1,671.0            1,476.1
          Net Fixed Assets                                                1,623.5            1,606.0
      Identifiable Intangible
          Assets and Goodwill                                              543.2                500.8
      Other Assets                                                              340.9                248.9
      Total Assets                                                         $8,558.3          $7,402.9
          LIAB AND EQUITY
      Current Long-term Debt                                                $6.5              $206.1
      Payable to Banks                                                        144.4                142.4
      Accounts Payable                                                        650.7                533.1
      Accrued Liabilities                                                1,020.8                937.2
      Income Taxes Payable                                                 180.8                159.6
          Current Liabilities                                          2,003.2            1,978.4
      Long-term Debt                                                          699.0                649.6
      Def Inc Taxes & Other Liabilities                            513.5                407.3
      Preferred Stock                                                            0.3                  0.3
      Common Equity                                                         5,342.3            4,367.3
      Total Liab. & Equity                                            $8,558.3          $7,402.9
      (i) Certain prior year amounts have been reclassified to conform to
            fiscal year 2005 presentation.
          These changes had no impact on previously reported results of
          operations or shareholders' equity.
        NIKE, Inc.
                                  QUARTER ENDING                        YEAR-TO-DATE ENDING
        Divisional
         Revenues(i) 11/30/2004 11/30/2003 % Chg  11/30/2004 11/30/2003  % Chg
      U.S. Region
         Footwear         $680.0      $624.0        9%    $1,601.4    $1,446.4         11%
         Apparel            384.7        398.3      -3%         776.0         744.8          4%
         Equipment          67.3         60.7      11%         156.3         140.8         11%
            Total         1,132.0    1,083.0        5%      2,533.7      2,332.0          9%
      EMEA Region
         Footwear          531.8        472.5      13%      1,195.1      1,062.5         12%
         Apparel            370.0        324.9      14%         779.7         666.8         17%
         Equipment          59.3         50.4      18%         144.2         130.1         11%
            Total            961.1        847.8      13%      2,119.0      1,859.4         14%
      Asia Pacific
         Region
         Footwear          236.6        205.6      15%         455.2         408.4         11%
         Apparel            207.8        174.5      19%         356.6         287.8         24%
         Equipment          39.1         31.9      23%          77.7          63.8         22%
          Total              483.5        412.0      17%         889.5         760.0         17%
      Americas Region
         Footwear          129.8        103.6      25%         244.6         206.5         18%
         Apparel              46.9         41.3      14%          82.4          79.9          3%
         Equipment          12.6          9.4      34%          24.0          19.0         26%
            Total            189.3        154.3      23%         351.0         305.4         15%
                              2,765.9    2,497.1      11%      5,893.2      5,256.8         12%
      Other                  382.4        340.0      12%         816.9         605.2         35%
      Total
        NIKE Inc.
        Revenues        $3,148.3  $2,837.1      11%    $6,710.1    $5,862.0         14%
      (i) Certain prior year amounts have been reclassified to conform to
            fiscal year 2005 presentation.
        These changes had no impact on previously reported results of operations
         or shareholders' equity.
        NIKE, Inc.
                                                QUARTER ENDING            YEAR-TO-DATE ENDING
        Pre-tax
        Income(1)          11/30/04  11/30/03    % Chg  11/30/04  11/30/03    % Chg
      U.S. Region          $232.6      $192.4        21%    $554.5      $485.8        14%
      EMEA Region            197.6        138.2        43%      444.0        341.0        30%
      Asia Pacific
        Region                  112.0         98.1        14%      175.4        174.5         1%
      Americas
        Region                    44.5         31.2        43%        65.2         55.5        17%
      Other                        20.8          6.7      210%        61.1          2.4    2446%
      Corporate (2)        (204.5)    (191.9)      -7%    (391.7)    (383.9)      -2%
      Total
        Pre-tax
        Income (1)          $403.0      $274.7        47%    $908.5      $675.3        35%
        (1)  The Company evaluates performance of individual operating segments
                based on pre-tax income.  Total pre-tax income equals Income before
                income taxes as shown on the Consolidated Income Statement.
        (2)  "Corporate" represents items necessary to reconcile to total pre-
                tax income, which includes corporate costs that are not allocated
                to the operating segments for management reporting and
                intercompany eliminations for specific items in the Consolidated
                Income Statement.@@end@@

    Web site: http://www.nikebiz.com

ots Originaltext: Nike, Inc.
Im Internet recherchierbar: http://www.newsaktuell.ch

Contact:
investors, Pamela Catlett, +1-503-671-4589, or media,    Joani Komlos,
+1-503-671-2013, both of NIKE, Inc.; Photo:  
http://www.newscom.com/cgi-bin/prnh/19990818/NIKELOGO,  AP Archive:  
http://photoarchive.ap.org,  PRN Photo Desk, photodesk@prnewswire.com



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