Nike yesterday reported record second-quarter earnings of nearly $262 million as a weak dollar helped overseas sales, while domestic orders rebounded. The results, equal to 97...
BEAVERTON, Ore. Nike yesterday reported record second-quarter earnings of nearly $262 million as a weak dollar helped overseas sales, while domestic orders rebounded.
The results, equal to 97 cents a share, were 11 cents above the 86-cent estimate of analysts surveyed by Thomson First Call.
The news pushed the company’s stock up $3.84, or 4.5 percent, to $89.74 in after-hours trading.
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Nike’s profit was up 47 percent from the year-earlier profit of $179.1 million, or 66 cents a share.
The Beaverton-based athletic shoe and clothing giant reported second-quarter sales of $3.1 billion, up 11 percent from $2.8 billion last year.
Worldwide orders of shoes and clothing for delivery between December and April jumped 9.1 percent overall, including a 10 percent increase in the U.S. market, which had been sluggish and even lost ground during the recession.
“I think most people expected it to be a strong quarter, but this just blew people away,” said Jamelah Leddy, who tracks Nike for McAdams Wright Ragen in Seattle.
Nike Chairman Phil Knight said emerging markets in China, Russia and Turkey boosted earnings for the second quarter.
Knight announced last month that he will resign as president and CEO of the company he founded, but will remain chairman. William Perez, formerly CEO of S.C. Johnson & Son, is scheduled to take over as president and CEO on Dec. 28.
Knight, 66, called it a good time for change at the top.
“What I didn’t want to happen is have a situation where the earnings are going down and I was sick,” he told analysts during a teleconference yesterday, adding: “But I passed my last physical and earnings are going up, and man is mortal, so it is a good time as far as bringing in a CEO.”