Nike, Inc.

NIKE Reports Second Quarter Earnings Per Share of US$1.14, Up 18 Percent From Prior Year

    Beaverton, Oregon (ots/PRNewswire) -

    - Worldwide Futures Orders Up 2.5 Percent, Up 7 Percent Excluding Effects of Foreign Currency

    NIKE, Inc. (NYSE: NKE) today reported record results for the second quarter ended November 30, 2005. Second quarter revenues increased 10 percent to US$3.5 billion, compared to US$3.1 billion for the same period last year. Net income grew 15 percent to US$301.1 million, compared to US$261.9 million, and diluted earnings per share grew 18 percent to US$1.14, versus US$0.97 in the prior year.

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

    "Led by the outstanding performance of the Nike brand in the U.S. and Americas regions, we delivered strong growth in revenue and profitability in the second quarter," said William D. Perez, President and Chief Executive Officer, Nike, Inc. "In addition to the Nike brand, our other businesses also delivered double digit growth in revenue and profits. The power of our Nike, Inc. portfolio was evident this quarter, with strength in the U.S., China and Latin America balancing more challenging results in Western Europe and Japan. We feel very good about our business overall, and our prospects for delivering on our financial goals for the fiscal year."(i)

    Futures Orders

    The Company reported worldwide futures orders for athletic footwear and apparel, scheduled for delivery from December 2005 through April 2006, totaling US$5.2 billion, two and a half percent higher than such orders reported for the same period last year. Changes in currency exchange rates significantly reduced this growth relative to recent quarters, as global futures orders grew by seven percent excluding the impact of currency changes.(i)

    By region, futures orders for the U.S. increased nine percent; Europe (which includes the Middle East and Africa) declined six percent; Asia Pacific grew two percent; and the Americas increased 23 percent. Changes in currency exchange rates reduced the reported futures orders by eight percentage points in Europe and by seven percentage points in the Asia Pacific region. In the Americas region, three percentage points of the increase were due to changes in currency exchange rates.(i)

    Regional Highlights

    U.S.

    During the second quarter, U.S. revenues increased 15 percent to US$1.3 billion versus US$1.1 billion for the second quarter of fiscal 2005. U.S. athletic footwear revenues increased 19 percent to US$811.5 million. Apparel revenues increased 13 percent to US$433.8 million. Equipment revenues declined eight percent to US$61.8 million. U.S. pre-tax income improved 14 percent to US$265.7 million.

    Europe

    Revenues for the European region grew two percent to US$977.4 million, up from US$961.1 million for the same period last year. Foreign currency exchange rates did not have a material impact on this growth for the quarter. Footwear revenues were US$533.2 million, up slightly from US$531.8 million a year ago. Apparel revenues increased three percent to US$379.6 million and equipment revenues increased nine percent to US$64.6 million. Pre-tax income declined two percent to US$194.2 million.

    Asia Pacific

    Revenues in the Asia Pacific region grew four percent to US$503.3 million compared to US$483.5 million a year ago. Two percentage points of this growth were the result of changes in currency exchange rates. Footwear revenues were up four percent to US$245.4 million, apparel revenues increased three percent to US$214.6 million and equipment revenues grew 11 percent to US$43.3 million. Pre-tax income increased three percent to US$115.2 million.

    Americas

    Revenues in the Americas region increased 33 percent to US$252.1 million, an improvement from US$189.3 million in the second quarter of fiscal 2005. Currency exchange rates contributed 13 percentage points to this growth rate. Footwear revenues were up 37 percent to US$178.1 million, apparel revenues increased 18 percent to US$55.4 million and equipment jumped 48 percent to US$18.6 million. Pre-tax income was up 30 percent to US$57.4 million.

    Other Businesses

    Other business revenues, which include Converse Inc., NIKE Golf, Bauer NIKE Hockey Inc., Cole Haan, Hurley International LLC and Exeter Brands Group LLC, grew 14 percent to US$434.8 million from US$382.4 million last year. Pre-tax income was up 11 percent to US$23.0 million.

    Income Statement Review

    Gross margins were 43.5 percent compared to 44.1 percent last year. Selling and administrative expenses were 30.4 percent of second quarter revenues, compared to 30.9 percent last year. The effective tax rate for the second quarter was 35.1 percent.

    Balance Sheet Review

    At quarter end, global inventories stood at US$1.9 billion, an increase of 10 percent from November 30, 2004. Cash and short-term investments were US$2.1 billion at the end of the quarter, compared to US$1.7 billion last year.

    Share Repurchase

    During the quarter, the Company purchased a total of 2,926,400 shares for approximately US$240 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.

    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, exchange rate fluctuations, order cancellations and discounts, which may vary significantly from quarter to quarter.

@@start.t1@@                                                         NIKE, Inc.
                                      CONSOLIDATED FINANCIAL STATEMENTS
                                  FOR THE PERIOD ENDED NOVEMBER 30, 2005
                                (In millions of USD, except per share data)
                                    QUARTER ENDING                    YEAR TO DATE ENDING
      INCOME                                                      %                                        %
        STATEMENT        11/30/2005  11/30/2004  Chg 11/30/2005 11/30/2004 Chg
      Revenues            $3,474.7      $3,148.3    10%  $7,336.7  $6,710.1      9%
      Cost of sales      1,963.3        1,760.2    12%    4,077.2    3,736.2      9%
      Gross margin        1,511.4        1,388.1      9%    3,259.5    2,973.9    10%
                                    43.5%          44.1%                 44.4%        44.3%
      Selling and
        administrative
        expense              1,054.7          973.2      8%    2,159.1    2,046.8      5%
                                    30.4%          30.9%                 29.4%        30.5%
      Interest
        (income)
        expense, net          (5.7)            3.7      --        (12.1)         8.5      --
      Other
        (income)
        expense, net          (1.4)            8.2      --        (11.3)        10.1      --
      Income
        before
        income
        taxes                    463.8          403.0    15%    1,123.8        908.5    24%
      Income taxes          162.7          141.1    15%        390.4        319.8    22%
                                    35.1%          35.0%                 34.7%        35.2%
      Net income            $301.1         $261.9    15%      $733.4      $588.7    25%
      Diluted EPS            $1.14          $0.97    18%        $2.77        $2.18    27%
      Basic EPS                $1.16          $0.99    17%        $2.82        $2.24    26%
      Weighted
        Average
        Common
        Shares
        Outstanding:
      Diluted                  263.7          271.1                 265.0        270.5
      Basic                      259.0          263.3                 260.0        263.0
      Dividends
      declared                 $0.31          $0.25                 $0.56        $0.45
      NIKE, Inc.
      BALANCE SHEET (a)                                                11/30/2005        11/30/2004
         ASSETS
      Current assets:
         Cash and equivalents                                         $1,134.5          $1,181.8
         Short-term investments                                          920.0                476.2
         Accounts receivable, net                                    2,166.2            2,125.8
         Inventories                                                         1,892.7            1,714.2
         Deferred income taxes                                              86.9                184.2
         Prepaid expenses and other current assets            496.2                392.1
         Total current assets                                          6,696.5            6,074.3
      Property, plant and equipment                                3,216.6            3,340.7
         Less accumulated depreciation                            1,630.8            1,697.3
         Property, plant and equipment, net                    1,585.8            1,643.4
      Identifiable intangible assets, net                         403.9                407.8
      Goodwill                                                                    135.4                135.4
      Deferred income taxes and other assets                    322.5                317.0
      Total assets                                                         $9,144.1          $8,577.9
         LIABILITIES AND SHAREHOLDERS' EQUITY
      Current liabilities:
         Current portion of long-term debt                        $254.5                 $6.5
         Notes payable                                                          79.2                144.4
         Accounts payable                                                    797.1                672.5
         Accrued liabilities                                                959.2            1,042.6
         Income taxes payable                                                71.1                180.8
         Total current liabilities                                  2,161.1            2,046.8
      Long-term debt                                                          408.3                699.0
      Deferred income taxes and other liabilities            492.9                489.5
      Redeemable preferred stock                                          0.3                  0.3
      Shareholders' equity                                              6,081.5            5,342.3
      Total liabilities and shareholders' equity         $9,144.1          $8,577.9
      (a) Certain prior year amounts have been reclassified to conform to
      fiscal year 2006 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      11/30/2005  11/30/2004    Chg  11/30/2005 11/30/2004 Chg
      U.S. Region
         Footwear        $811.5         $680.0        19%      $1,832.6  $1,601.4  14%
         Apparel          433.8          384.7        13%          829.3        776.0    7%
         Equipment         61.8            67.3        -8%          154.1        156.3  -1%
            Total        1,307.1        1,132.0        15%        2,816.0    2,533.7  11%
      EMEA Region
         Footwear         533.2          531.8         0%        1,218.3    1,195.1    2%
         Apparel          379.6          370.0         3%          814.8        779.7    5%
         Equipment         64.6            59.3         9%          161.8        144.2  12%
            Total          977.4          961.1         2%        2,194.9    2,119.0    4%
      Asia Pacific
        Region
         Footwear         245.4          236.6         4%          482.8        455.2    6%
         Apparel          214.6          207.8         3%          391.1        356.6  10%
         Equipment         43.3            39.1        11%            89.0         77.7  15%
            Total          503.3          483.5         4%          962.9        889.5    8%
      Americas Region
         Footwear         178.1          129.8        37%          335.0        244.6  37%
         Apparel            55.4            46.9        18%            96.1         82.4  17%
         Equipment         18.6            12.6        48%            34.7         24.0  45%
            Total          252.1          189.3        33%          465.8        351.0  33%
                            3,039.9        2,765.9        10%        6,439.6    5,893.2    9%
      Other                 434.8          382.4        14%          897.1        816.9  10%
      Total
        NIKE, Inc.
        revenues      $3,474.7      $3,148.3        10%      $7,336.7  $6,710.1    9%
      NIKE, Inc.
                                    QUARTER ENDING                 YEAR TO DATE ENDING
      PRE-TAX                                                      %                                        %
        INCOME(1),(b)  11/30/2005 11/30/2004  Chg 11/30/2005 11/30/2004  Chg
      U.S. Region          $265.7      $233.1        14%      $610.9      $555.4      10%
      EMEA Region            194.2        197.6        -2%        524.4        444.0      18%
      Asia Pacific
        Region                  115.2        112.0         3%        206.6        175.4      18%
      Americas Region        57.4         44.3        30%        102.0         64.7      58%
      Other                        23.0         20.8        11%         63.0         61.0        3%
      Corporate(2)         (191.7)    (204.8)        6%      (383.1)    (392.0)      2%
      Total
        pre-tax
        income(1)            $463.8      $403.0        15%  $1,123.8      $908.5      24%
      (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.
      (b) Certain prior year amounts have been reclassified to conform to
      fiscal year 2006 presentation.  These changes had no impact on previously
      reported results of operations or shareholders' equity.@@end@@

    Web site: http://www.nikebiz.com

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

Contact:
media, Alan Marks, +1-503-671-4235, or investors, Pamela Catlett,
+1-503-671-4589, both of NIKE, Inc.  /Photo:  
http://www.newscom.com/cgi-bin/prnh/19990818/NIKELOGO
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