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Nike, Inc.

Global Strength of Nike Portfolio Drives Record Financial Performance

Beaverton, Oregon (ots/PRNewswire)

       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
     Highlights:
     - 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
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: http://www.newscom.com/cgi-bin/prnh/19990818/NIKELOGO )
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
U.S.
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.
Americas
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 www.NikeBiz.com/invest.
(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.
    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%
    Gross
     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%
    Interest
     (Income)
     Expense, net   (3.6)         3.9     --        4.8        25.0  (81%)
    Other
     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
     Outstanding:
    Diluted         268.5       270.8             270.3       269.7
    Basic           261.1       263.2             262.6       263.2
    Dividends
     Declared       $0.25       $0.20             $0.95       $0.74
    NIKE, Inc.
    BALANCE SHEET (b)
                                                  05/31/2005     05/31/2004
        ASSETS
    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%
    Total
     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%
    Americas
     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.
Web site: http://www.nikebiz.com

Contact:

media, Alan Marks, +1-503-671-4235; or investor, Pamela Catlett,
+1-503-671-4589, both for 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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