Bleak outlook at Nike
Nike has posted lower revenues and income for the fourth quarter ended May 31, as well as a decline in futures orders.
Fourth quarter revenues fell 7% to $4.7 billion compared with $5.1 billion for the same period last year. However, for the full year, revenues grew 3% to $19.2 billion compared with $18.6 billion last year.
Fourth quarter net income fell 30% to $341.4 million, while net income for the year fell 21% to $1.5 billion.
The company reported worldwide futures orders for Nike brand athletic footwear and apparel, scheduled for delivery from June through November, totalling $7.8 billion, 12% lower than orders reported for the same period last year.
By region, futures orders for the US were down 4%; EMEA (Europe, the Middle East and Africa) declined 24%; Asia Pacific fell 5%; and the Americas dropped 7%.
