News Brief
Nike Reports Lower Sales, Earnings, Orders
Mar 18, 2009, 5:43 PM
In a quarter it describes as "challenging," Nike posted lower sales and earnings for its fiscal third quarter and says orders are also lower than they were in the same period a year ago. Earnings for the fiscal third quarter tumbled to $243.8 million, compared to $463.8 million.
Excluding a $240.7 million impairment charge, related to its struggling Umbro unit in the U.K., the Beaverton, Ore.-based company says its net income would have gained 4%. Worldwide revenues declined 2% to $4.4 billion; excluding currency exchange rates, it would have gained 2%.
The company says worldwide future orders, scheduled for delivery from March 2009 through July 2009, are 10% lower than a year ago; excluding currency changes, orders are down 2%. In the U.S., sales gained 3% to $1.6 billion, with footwear gaining 8%, and apparel sales falling 9%.--Sarah Mahoney
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