Nike, Inc.

NIKE, Inc. Reports Third Quarter Earnings Per Share Up 36 Percent; Worldwide Futures Orders Increase 9.6 Percent

    Beaverton, Oregon (ots/PRNewswire) -

@@start.t1@@      Highlights:
      - Record third quarter earnings per diluted share increased 36 percent to
         US$1.01 versus US$0.74 per diluted share a year ago
      - Highest third quarter revenues, up 14 percent to US$3.3 billion
      - Gross margin improved 2.0 points to 44.1 percent
      - Worldwide futures orders increased 9.6 percent@@end@@

    NIKE, Inc. (NYSE: NKE) today reported revenues and earnings for the Company's third quarter ended February 28, 2005. Third quarter revenues increased 14 percent to US$3.3 billion, versus US$2.9 billion for the same period last year. Third quarter net income totaled US$273.4 million, or US$1.01 per diluted share, compared to US$200.3 million, or US$0.74 per diluted share in the prior year.

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

    "Today's results mark another terrific quarter for Nike, Inc.," said  William D. Perez, Nike, Inc. President and Chief Executive Officer.  "This was our sixth consecutive quarter of double-digit revenue and earnings  per share growth. These consistently strong results were driven by excellent  performance across geographies and brands, coupled with favorable trends in  foreign exchange rates. In addition to another strong quarter for our U.S.  business, emerging international markets such as China, Russia and Brazil  produced significant growth. While the core Nike Brand fueled the majority of our growth, Nike Golf, Converse and Cole Haan were also major contributors to  our positive results."(i)

    Futures Orders

    The Company reported worldwide futures orders for athletic footwear and  apparel, scheduled for delivery from March 2005 through July 2005, totaling  US$5.2 billion, 9.6 percent higher than such orders reported for the same  period last year. Approximately one point of this growth was due to changes  in currency exchange rates.(i)

    By region, futures orders for the U.S. were up nine percent; Europe  increased seven percent; Asia Pacific grew 14 percent; and the Americas  increased 22 percent. In Europe, two points of the increase were due to  currency exchange rates. Currency exchange rates contributed to the growth in  Asia Pacific and the Americas by approximately two points and one point,  respectively.(i)

    Perez continued, "Global consumer demand for Nike brand footwear and  apparel continues to be strong, as evidenced by the growth in futures orders.  Demand in the U.S. market remains particularly robust, as Nike product  innovation continues to drive the trend toward performance footwear and  apparel in this market."(i)

    Regional Highlights

    U.S.

    During the third quarter, U.S. revenues increased nine percent to US$1.3  billion versus US$1.2 billion for the third quarter of fiscal 2004. U.S.  athletic footwear revenues increased 10 percent to US$849.6 million. Apparel  revenues increased five percent to US$345.8 million. Equipment revenues  increased 12 percent to US$72.8 million. U.S. pre-tax income increased 10  percent to US$259.5 million.

    EMEA

    Revenues for the Europe, Middle East and Africa region grew 18 percent  to US$1.0 billion, up from US$878.6 million for the same period last year.  Nine points of this growth were the result of changes in currency exchange  rates. Footwear revenues increased 14 percent to US$615.3 million, apparel  revenues increased 24 percent to US$351.3 million and equipment revenues  increased 18 percent to US$67.3 million. Pre-tax income rose 28 percent to  US$219.3 million.

    Asia Pacific

    Revenues in the Asia Pacific region grew 18 percent to US$472.8 million  compared to US$402.2 million a year ago. Five points of this growth were the result of changes in currency exchange rates. Footwear revenues were up 11  percent to US$237.9 million, apparel revenues increased 25 percent to  US$188.3 million and equipment grew 23 percent to US$46.6 million. Pre-tax  income was up 16 percent to US$100.4 million.

    Americas

    Revenues in the Americas region increased 10 percent to US$143.7 million,  an improvement from US$131.1 million in the third quarter of fiscal 2004.  Currency exchange rates resulted in a three-percentage point increase in this  growth rate. Footwear revenues were up 13 percent to US$99.6 million, apparel  revenues decreased five percent to US$33.5 million and equipment improved 34 percent to US$10.6 million. Pre-tax income grew 49 percent to US$23.2 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  20 percent to US$389.6 million from US$325.1 million last year. Pre-tax  income increased 724 percent to US$23.9 million.

    Income Statement Review

    Gross margins were 44.1 percent compared to 42.1 percent last year.  Selling and administrative expenses were 31.3 percent of third quarter  revenues, compared to 30.7 percent last year. The effective tax rate for the  third quarter was 33.9 percent.

    Balance Sheet Review

    At quarter end, global inventories stood at US$1.7 billion, an increase  of four percent from February 29, 2004. Cash and short-term investments were  US$1.6 billion at the end of the quarter, compared to US$914.7 million last  year.

    Share Repurchase

    During the quarter, the Company purchased a total of 2,302,000 shares for  approximately US$199.8 million in conjunction with the Company's four-year,  US$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  5,070,900 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.

    (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 FEBRUARY 28, 2005
                                    (In millions, except per share data)
                                                  (All figures in USD)
      INCOME                         QUARTER ENDING                  YEAR-TO-DATE ENDING
      STATEMENT        02/28/2005 02/29/2004  % Chg 02/28/2005 02/29/2004 % Chg
      Revenues            $3,308.2    $2,904.0      14% $10,018.3    $8,766.0    14%
      Cost of Sales      1,849.4      1,682.1      10%    5,585.6      5,043.0    11%
      Gross Margin        1,458.8      1,221.9      19%    4,432.7      3,723.0    19%
                                    44.1%         42.1%                  44.2%         42.5%
      SG&A                    1,035.7         892.0      16%    3,082.5      2,664.1    16%
                                    31.3%         30.7%                  30.8%         30.4%
      Interest Expense,
        net                         (0.1)          5.5        --          8.4          21.1  (60%)
      Other                         9.8          17.2      (43%)      19.9          55.3  (64%)
      Income Before
        Income Taxes         413.4         307.2      35%    1,321.9         982.5    35%
      Income Taxes          140.0         106.9      31%        459.8         341.9    34%
                                    33.9%         34.8%                  34.8%         34.8%
      Net Income            $273.4        $200.3      36%      $862.1        $640.6    35%
      Diluted EPS            $1.01         $0.74      36%        $3.18         $2.38    34%
      Basic EPS                $1.04         $0.76      37%        $3.28         $2.43    35%
      Weighted Average
        Common Shares
        Outstanding:
      Diluted                  271.7         271.1                  270.9         269.3
      Basic                      263.3         263.5                  263.1         263.2
      Dividends Declared $0.25         $0.20                  $0.70         $0.54
      NIKE, Inc.
      BALANCE SHEET (i)                                              02/28/2005        02/29/2004
         ASSETS
      Cash & Equivalents                                                $1,222.5              $914.7
      Short-term Investments                                              418.3                    --
      Accounts Receivable                                                2,304.9            2,017.9
      Inventory                                                                1,727.0            1,667.6
      Deferred Taxes                                                          170.5                218.5
      Prepaid Expenses and Other Curr Assets                    355.5                435.6
         Current Assets                                                    6,198.7            5,254.3
      Fixed Assets                                                          3,305.5            3,213.4
      Depreciation                                                          1,680.0            1,576.5
         Net Fixed Assets                                                 1,625.5            1,636.9
      Identifiable Intangible
         Assets and Goodwill                                                538.6                500.7
      Other Assets                                                              289.3                292.6
      Total Assets                                                         $8,652.1          $7,684.5
         LIAB AND EQUITY
      Current Long-term Debt                                                $6.4                 $6.2
      Payable to Banks                                                        101.3                165.2
      Accounts Payable                                                        684.2                567.0
      Accrued Liabilities                                                1,091.4            1,024.0
      Income Taxes Payable                                                 182.7                194.1
         Current Liabilities                                            2,066.0            1,956.5
      Long-term Debt                                                          691.4                694.3
      Def Inc Taxes & Other Liabilities                            467.3                470.2
      Preferred Stock                                                            0.3                  0.3
      Common Equity                                                         5,427.1            4,563.2
      Total Liab. & Equity                                            $8,652.1          $7,684.5@@end@@

    (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.

@@start.t3@@        NIKE, Inc.
                                            QUARTER ENDING                 YEAR-TO-DATE ENDING
      Divisional
        Revenues (i) 02/28/2005  02/29/2004  % Chg  02/28/2005 02/29/2004 % Chg
      U.S. Region
         Footwear          $849.6         $772.8      10%      $2,451.0    $2,219.2  10%
         Apparel              345.8          329.3        5%        1,121.8      1,074.1    4%
         Equipment            72.8            64.9      12%          229.1         205.7  11%
            Total          1,268.2        1,167.0        9%        3,801.9      3,499.0    9%
      EMEA Region
         Footwear            615.3          537.7      14%        1,810.4      1,600.2  13%
         Apparel              351.3          284.1      24%        1,131.0         950.9  19%
         Equipment            67.3            56.8      18%          211.5         186.9  13%
            Total          1,033.9          878.6      18%        3,152.9      2,738.0  15%
      Asia Pacific Region
         Footwear            237.9          214.2      11%          693.1         622.6  11%
         Apparel              188.3          150.1      25%          544.9         437.9  24%
         Equipment            46.6            37.9      23%          124.3         101.7  22%
            Total              472.8          402.2      18%        1,362.3      1,162.2  17%
      Americas Region
         Footwear              99.6            88.0      13%          344.2         294.5  17%
         Apparel                33.5            35.2      (5%)         115.9         115.1    1%
         Equipment            10.6              7.9      34%            34.6          26.9  29%
            Total              143.7          131.1      10%          494.7         436.5  13%
                                2,918.6        2,578.9      13%        8,811.8      7,835.7  12%
      Other                    389.6          325.1      20%        1,206.5         930.3  30%
      Total NIKE Inc.
        Revenues         $3,308.2      $2,904.0      14%    $10,018.3    $8,766.0  14%@@end@@

    (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.

@@start.t4@@      NIKE, Inc.
                                              QUARTER ENDING                 YEAR-TO-DATE ENDING
      Pre-tax Income(1) 02/28/05 02/29/04(i) % Chg  02/28/05  02/29/04(i) % Chg
      U.S. Region            $259.5      $236.2      10%      $814.0        $722.0        13%
      EMEA Region              219.3        171.4      28%        663.3         512.4        29%
      Asia Pacific Region 100.4         86.7      16%        275.8         261.2         6%
      Americas Region         23.2         15.6      49%         88.4          71.1        24%
      Other                         23.9          2.9    724%         85.0            5.3    1504%
      Corporate(2)          (212.9)    (205.6)    (4%)    (604.6)      (589.5)    (3%)
      Total Pre-tax
        Income(1)              $413.4      $307.2      35%  $1,321.9        $982.5      35%@@end@@

    (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.

    (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.

    Web site: http://www.nikebiz.com

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