Nike reports record FY performance
Nike, Inc. has reported record financial results for the 2005 fiscal year, ended May 31, 2005. Revenues increased 12% to $13.7 billion, compared with $12.3 billion in fiscal year 2004. Full year net income was up 28% to $1.2 billion.
Fourth quarter revenues also increased, recording 7% growth to reach $3.7 billion versus $3.5 billion for the same period last year. Fourth quarter net income rose 15% to $349.5 million compared with US$305 million for the same period in the prior year.
Commenting on the company's results, president and CEO of Nike, William D Perez, 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."
The company also reported forward orders for athletic footwear and apparel, scheduled for delivery from June through November 2005, totalling $6.3 billion, 9.5% higher than for the same period last year.
