Nike, Inc.

Global Strength of Nike Portfolio Drives Record Financial Performance

    Beaverton, Oregon (ots/PRNewswire) -

@@start.t1@@          Nike, Inc. reports double-digit revenue growth for fiscal 2005;
                                        EPS up 28 percent to US$4.48;
                         Worldwide futures orders increase 9.5 percent
        - Fiscal 2005 revenues up 12 percent to US$13.7 billion, earnings
          per diluted share up 28 percent to US$4.48
        - Fourth quarter revenues up 7 percent; earnings per diluted share
          up 15 percent to US$1.30
        - Full-year revenue growth across all Nike brand regions and
          product lines; All regions post record revenues and profits
        - Nike, Inc. Other business full-year revenues grew 22 percent,
          exceeding US$1.7 billion
        - Full-year gross margin percentage grew 160 basis points to
          44.5 percent
        - Balance sheet strengthens as cash and short term investments
          rise to US$1.8 billion@@end@@

    Nike, Inc. (NYSE: NKE) today reported record financial results for the 2005 fiscal year, ended May 31, 2005. Earnings per diluted share for the year grew 28 percent to US$4.48, supported by double digit revenue growth and record gross margins.

    (Logo: )

    For the fiscal year ended May 31, 2005, revenues increased 12 percent to US$13.7 billion, compared to US$12.3 billion in fiscal year 2004. Changes in currency exchange rates contributed three percentage points of this growth, while the acquisition of Converse and Starter added one point. Full year net income was up 28 percent to US$1.2 billion, or US$4.48 per diluted share, versus US$945.6 million, or US$3.51 per diluted share, in 2004.

    Fourth quarter revenues increased seven percent to US$3.7 billion, versus US$3.5 billion for the same period last year. Three percentage points of this growth were the result of changes in currency exchange rates. Fourth quarter net income was up 15 percent to US$349.5 million, or US$1.30 per diluted share, compared to US$305.0 million, or US$1.13 per diluted share in the prior year.

    Commenting on the company's results, William D. Perez, Nike, Inc. President and Chief Executive Officer said, "Fiscal 2005 was a great year. The strength of the Nike brand around the world, the breadth of our Nike, Inc. portfolio, and the quality of our management team contributed to another year of consistent, profitable growth for our shareholders. The Nike brand is exceptionally strong, driving full-year revenue gains across all regions and product lines, while Converse and Cole Haan led the growth in our portfolio of other businesses. Today's record earnings were driven by healthy revenue growth and the highest gross margin in the company's history."

    Perez continued, "Looking ahead, our worldwide futures orders for athletic footwear and apparel are strong, up 9.5 percent, with all regions posting increases and U.S. footwear remaining particularly healthy. We're very pleased with the brand strength reflected in these futures results and we see continued potential for profitable expansion across our portfolio of businesses."(a)

    Futures Orders

    The Company reported worldwide futures orders for athletic footwear and apparel, scheduled for delivery from June through November 2005, totaling US$6.3 billion, 9.5 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.(a)

    By region, U.S. futures were up nine percent; Europe increased seven percent; Asia Pacific grew 11 percent; and the Americas increased 25 percent. Changes in currency exchange rates had a favorable impact of two percentage points in Europe and Asia Pacific. Changes in currency exchange rates had no impact on futures orders growth for the Americas.(a)

    Regional Highlights


    During the fourth quarter, U.S. revenues increased three percent to US$1.3 billion. U.S. athletic footwear revenues increased seven percent to US$907.2 million. Apparel revenues declined seven percent to US$335.9 million. Equipment revenues increased 17 percent to US$84.3 million. Pre-tax income for the quarter rose nine percent to US$311.8 million.

    For the full fiscal year, U.S. revenues were up seven percent to US$5.1 billion. Footwear revenues increased nine percent to US$3.4 billion; apparel revenues grew two percent to US$1.5 billion; and equipment revenues grew 13 percent to US$313.4 million. U.S. pre-tax income improved 12 percent to US$1.1 billion.

    Europe, Middle East and Africa (EMEA)

    Fourth quarter revenues for the EMEA region grew four percent to US$1.1 billion. Seven percentage points of this growth were the result of changes in currency exchange rates. Footwear revenues increased nine percent to US$689.6 million, apparel revenues declined four percent to US$366.1 million and equipment revenues declined two percent to US$73.0 million. Pre-tax income rose 10 percent to US$254.2 million.

    For the full year, EMEA revenues grew 12 percent to US$4.3 billion, compared to US$3.8 billion last year. Seven percentage points of this growth were the result of changes in currency exchange rates. Footwear revenues were up 12 percent to US$2.5 billion. Apparel revenues increased 12 percent to US$1.5 billion and equipment revenues rose nine percent to US$284.5 million. Pre-tax income increased 23 percent for the full-year to US$917.5 million.

    Asia Pacific

    In the Asia Pacific Region, quarterly revenues grew 19 percent to US$535.0 million. Three percentage points of this growth were the result of changes in currency exchange rates. Footwear revenues were up 16 percent to US$269.8 million; apparel revenues increased 21 percent to US$210.6 million and equipment revenues grew 32 percent to US$54.6 million. Fourth quarter pre-tax income was up 36 percent to US$124.0 million.

    Full-year Asia Pacific revenues increased 18 percent to US$1.9 billion, compared to US$1.6 billion last year. Four percentage points of this growth were the result of changes in currency exchange rates. Footwear revenues increased 13 percent to US$962.9 million. Apparel revenues were up 23 percent to US$755.5 million. Equipment revenues increased 25 percent to US$178.9 million. Pre-tax income increased 13 percent to US$399.8 million.


    Quarterly revenues in the Americas region increased 20 percent to US$201.1 million. This growth rate reflected a six percentage point increase due to changes in currency exchange rates. Footwear revenues were up 18 percent to US$134.4 million, apparel revenues increased 20 percent to US$53.2 million and equipment revenues increased 36 percent to US$13.5 million. Pre-tax income was up 11 percent to US$29.2 million.

    For the full year, Americas revenues increased 15 percent to US$695.8 million, compared to US$604.5 million last year. One percentage point of this growth was the result of changes in currency exchange rates. Footwear revenues increased 17 percent to US$478.6 million, apparel revenues grew six percent to US$169.1 million and equipment revenues increased 31 percent to US$48.1 million. Pre-tax income rose 21 percent for the full year, to US$117.6 million.

    Other Revenues

    In the fourth quarter, Other revenues, which include results for Bauer NIKE Hockey, Inc., Cole Haan(R), Converse Inc., Exeter Brands Group LLC, Hurley International LLC and NIKE Golf, grew six percent to US$529.2 million. For the full year, other revenues increased 22 percent to US$1.7 billion. Pre-tax income declined two percent for the fourth quarter and increased 104 percent for the full year.

    Income Statement Review

    In the fourth quarter, gross margins were 45.2 percent of revenue compared to 43.8 percent last year. For the full year, gross margins were 44.5 percent compared to 42.9 percent last year. Selling and administrative expenses were 30.6 percent of fourth quarter revenues, compared to 29.8 percent last year. For the full year, selling and administrative expenses were 30.7 percent of full year revenues versus 30.2 percent last year. The effective tax rate was 35.0 percent for the fourth quarter and 34.9 percent for the full year. The tax provision for the fourth quarter reflected a charge related to the Company's decision to repatriate US$500 million of foreign earnings under the American Jobs Creation Act during fiscal 2006. The net impact of this charge was not material to our effective tax rate for the quarter or the full year.

    Balance Sheet Review

    At fiscal year-end, global inventories stood at US$1.8 billion, an increase of 10 percent from last year. Cash and short-term investments were US$1.8 billion at fiscal year-end, compared to US$1.2 billion last year.

    Share Repurchase

    During the quarter, the Company purchased a total of 1,853,500 shares for approximately US$152.7 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 6,924,400 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

    (a) 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 exchange rate fluctuations as well as the mix of futures and "at once" orders, which may vary significantly from quarter to quarter.

@@start.t2@@      All figures in US dollars
                                                         NIKE, Inc.
                                      CONSOLIDATED FINANCIAL STATEMENTS
                                      FOR THE PERIOD ENDED MAY 31, 2005
                                    (In millions, except per share data)
      INCOME                QUARTER ENDING                          YEAR ENDING
      STATEMENT  05/31/2005  05/31/2004  % Chg 05/31/2005  05/31/2004  % Chg
      Revenues        $3,721.4      $3,487.1        7%  $13,739.7    $12,253.1      12%
      Cost of
        Sales            2,038.7        1,958.4        4%      7,624.3        7,001.4        9%
        Margin          1,682.7        1,528.7      10%      6,115.4        5,251.7      16%
                                45.2%          43.8%                    44.5%          42.9%
      SG&A                1,139.2        1,037.9      10%      4,221.7        3,702.0      14%
                                30.6%          29.8%                    30.7%          30.2%
        Expense, net    (3.6)              3.9        --            4.8            25.0  (81%)
        Expense, net        9.2            19.4  (53%)          29.1            74.7  (61%)
      Income Before
        Income Taxes    537.9          467.5      15%      1,859.8        1,450.0      28%
      Income Taxes      188.4          162.5      16%         648.2          504.4      29%
                                35.0%          34.8%                    34.9%          34.8%
      Net Income        $349.5         $305.0      15%    $1,211.6         $945.6      28%
      Diluted EPS        $1.30          $1.13      15%         $4.48          $3.51      28%
      Basic EPS          $1.34          $1.16      16%         $4.61          $3.59      28%
      Weighted Average
        Common Shares
      Diluted              268.5          270.8                    270.3          269.7
      Basic                 261.1          263.2                    262.6          263.2
        Declared          $0.25          $0.20                    $0.95          $0.74
      NIKE, Inc.
                                                                                05/31/2005        05/31/2004
      Cash & Equivalents                                                $1,388.1              $828.0
      Short-term Investments                                              436.6                400.8
      Accounts Receivable                                                2,262.1            2,120.2
      Inventory                                                                1,811.1            1,650.2
      Deferred Taxes                                                          110.2                165.0
      Prepaid Expenses and Other Curr Assets                    343.0                364.4
            Current Assets                                                 6,351.1            5,528.6
      Fixed Assets                                                          3,179.2            3,183.4
      Depreciation                                                          1,573.4            1,571.6
          Net Fixed Assets                                                1,605.8            1,611.8
      Identifiable Intangible
          Assets and Goodwill                                              541.5                501.7
      Other Assets                                                              295.2                266.6
      Total Assets                                                         $8,793.6          $7,908.7
            LIAB AND EQUITY
      Current Long-term Debt                                                $6.2                 $6.6
      Payable to Banks                                                         69.8                146.0
      Accounts Payable                                                        843.9                780.4
      Accrued Liabilities                                                  984.3                979.3
      Income Taxes Payable                                                  95.0                118.2
            Current Liabilities                                         1,999.2            2,030.5
      Long-term Debt                                                          687.3                682.4
      Def Inc Taxes & Other Liabilities                            462.6                413.8
      Preferred Stock                                                            0.3                  0.3
      Common Equity                                                         5,644.2            4,781.7
      Total Liab. & Equity                                            $8,793.6          $7,908.7
      (b) 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.
      Divisional Revenues(b)
                                QUARTER ENDING                            YEAR ENDING
                        05/31/2005  05/31/2004  % Chg 05/31/2005  05/31/2004  % Chg
      U.S. Region
         Footwear        $907.2         $851.2        7%    $3,358.2      $3,070.4        9%
         Apparel          335.9          359.4    (7%)      1,457.7        1,433.5        2%
         Equipment         84.3            72.2      17%         313.4          277.9      13%
            Total        1,327.4        1,282.8        3%      5,129.3        4,781.8        7%
      EMEA Region
         Footwear         689.6          632.0        9%      2,500.0        2,232.2      12%
         Apparel          366.1          382.9    (4%)      1,497.1        1,333.8      12%
         Equipment         73.0            74.8    (2%)         284.5          261.7        9%
            Total        1,128.7        1,089.7        4%      4,281.6        3,827.7      12%
      Asia Pacific Region
         Footwear         269.8          232.7      16%         962.9          855.3      13%
         Apparel          210.6          174.4      21%         755.5          612.3      23%
         Equipment         54.6            41.5      32%         178.9          143.2      25%
            Total          535.0          448.6      19%      1,897.3        1,610.8      18%
      Americas Region
         Footwear         134.4          113.7      18%         478.6          408.2      17%
         Apparel            53.2            44.4      20%         169.1          159.5        6%
         Equipment         13.5              9.9      36%          48.1            36.8      31%
            Total          201.1          168.0      20%         695.8          604.5      15%
                            3,192.2        2,989.1        7%    12,004.0      10,824.8      11%
      Other                 529.2          498.0        6%      1,735.7        1,428.3      22%
        NIKE, Inc.
        Revenues      $3,721.4      $3,487.1        7%  $13,739.7    $12,253.1      12%
      (b) 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.
      Pre-tax Income(1),(b)
                                QUARTER ENDING                          YEAR ENDING
                         05/31/2005  05/31/2004  % Chg 05/31/2005  05/31/2004  % Chg
      U.S. Region        $311.8         $285.3        9%  $1,125.8      $1,007.3      12%
      EMEA Region         254.2          231.6      10%        917.5          744.0      23%
      Asia Pacific
        Region                124.0            91.1      36%        399.8          352.3      13%
        Region                 29.2            26.3      11%        117.6            97.4      21%
      Other                    68.9            70.0    (2%)        153.9            75.3    104%
      Corporate(2)    (250.2)        (236.8)    (6%)    (854.8)        (826.3)    (3%)
      Total Pre-tax
        Income(1)         $537.9         $467.5      15%  $1,859.8      $1,450.0      28%
      (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 2005 presentation.  These changes had no impact on
              previously reported results of operations or shareholders' equity.@@end@@

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ots Originaltext: Nike, Inc.
Im Internet recherchierbar:

media, Alan Marks, +1-503-671-4235; or investor, Pamela  Catlett,
+1-503-671-4589, both for NIKE, Inc./ Photo:  
AP Archive:  PRN Photo Desk,

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