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Nike, Inc.

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

Beaverton, Oregon (ots/PRNewswire)

    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
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.
                                    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
(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) 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%
(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) 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%
(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

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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