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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.
                                    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.
Web site: http://www.nikebiz.com

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
AP Archive: http://photoarchive.ap.org . PRN Photo Desk,
photodesk@prnewswire.com

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