Nike Inc. (Beaverton, Ore.) reported a 21 percent increase in third quarter revenues for the period ended Feb. 29, 2004.
“It was another great quarter for Nike,” said chairman and ceo Philip Knight. “Top and bottom line results were again driven by healthy consumer demand for innovative products and the strength of Nike’s diverse portfolio of businesses. For the first nine months of the year, Nike’s revenue has grown 14 percent. . . . As we look ahead, we are optimistic about the significant long-term growth opportunities for our company.”
The company reported worldwide futures orders for athletic footwear and apparel scheduled for delivery from March 2004 through July 2004, of $4.7 billion, 9.9 percent higher than such orders reported for the same period last year. (Approximately four points of this growth were due to changes in currency exchange rates.)
Futures orders were up 4.5 percent in the U.S.; 11 percent in Europe; 23 percent in Asia Pacific; and 11 percent in the Americas.
“Growing consumer demand for Nike footwear and apparel in our international markets helped drive the 9.9 percent increase in worldwide futures,” said Knight. “Additionally, we are pleased by the continued strength of our U.S. business, which recorded its strongest futures orders growth in eight quarters.”
In the U.S., footwear sales grew 1 percent during the quarter and are flat through the first three quarters of Nike’s year. That represents 66 percent of Nike’s U.S. revenue. Apparel (28 percent of revenue) grew 13 percent in the quarter and is up 7 percent year-to-date. Equipment (6 percent) has grown 13 percent in the quarter but is flat through the first three quarters.