Nike's Fiscal 2011 Results Top Wall Street Estimates

June 28, 2011
Stock jumps 10%.

What a difference a quarter makes.

After taking a beating on Wall Street earlier this year because of concerns that higher input costs would eat into its profit margins, Nike Inc.'s fourth-quarter and full-year fiscal 2011 results topped analysts' estimates, sending its stock soaring.

Nike reported fourth-quarter revenues of $5.8 billion, up 11% on a currency-neutral basis, and full-year revenues of $20.9 billion, up 10%.

The Beaverton, Ore.-based manufacturer of athletic footwear noted in its earnings release yesterday that "higher revenues and SG&A-expense leverage more than offset a lower gross-margin rate."

"In fiscal year 2011, we delivered exceptional results in extraordinary times," said Mark Parker, Nike president and CEO. "Our business is organized to drive growth across multiple brands, geographies and categories, as we manage through the ever-changing macroeconomic landscape."

Parker added: "The global appetite for sports has never been stronger."

Nike said its diluted earnings per share for both the quarter ($1.24, up 17%) and full year ($4.39, up 14%) hit record highs.

As of the end of the quarter, Nike's futures orders scheduled for delivery from June through November totaled $10.3 billion, 15% higher than orders reported for the same period last year.

Future orders excluding currency changes were up 23% in emerging markets, and 17% in Greater China, according to the shoemaker.

Popular Sponsored Recommendations

The Guide to Balancing Citizen Development and Governance in Manufacturing Operations

Sept. 19, 2023
Platforms with no-code capabilities provide a competitive advantage for manufacturers responding to rapidly changing disruptions and demands. This guide helps manufacturers maintain...

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

The Benefits of Continuous Thermal Monitoring

Oct. 17, 2023
Read this eBook to learn more about collecting and using data intelligently to improve performance.

Machine Learning and Predictive Analytics Guidebook for Engineers

Sept. 27, 2023
Leverage Domain Expertise to Drive Optimization – Without Needing a Data Scientist.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!