The October Transworld Business featured a solid display of boardshorts for Spring 2009, including the latest trends in color, material, technology and fit. In our online preview, we’ve included more styles from each brand.
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Hurley recently re-launched its Web site, and among the new features included on the site is an e-commerce component. The Costa Mesa-based brand is the latest in a long list of action sports companies selling product direct to consumers online. More here ….
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With locations in Oceanside and Solana Beach, the good folks at Surfride are no strangers to Transworld employees. But that doesn’t mean we’re the only ones keeping them in business. A booming online store and more than 30 years of history make this shop a strong player in the SoCal surf market. Read more to find out what the top sellers are in this shop.
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A couple of days go, Nike put out a press release for their first quarter ended August 31. It’s not the whole quarterly report, so I can’t delve into any footnotes. They sold, uh, a whole bunch of stuff and made a lot of money. I’ll deal with the details when the 10Q is filed. Here’s the link to the press release if you want to review the summary financial statements. You don’t need me to spew the numbers back at you. But as I read the press release, I was struck by the fact that a few years ago, I wouldn’t have bothered.
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BEAVERTON, Ore. (September 24, 2008) – NIKE, Inc. (NYSE: NKE) today announced financial results for its fiscal 2009 first quarter ended August 31, 2008. Revenue grew 17 percent to $5.4 billion, compared to $4.7 billion for the same period last year. Changes in currency exchange rates increased revenue growth by 7 percentage points for the quarter. First quarter net income decreased 10 percent to $510.5 million, compared to $569.7 million in the prior year. Diluted earnings per share decreased 8 percent to $1.03, versus $1.12 last year. In the prior year’s first quarter, the Company received a one-time tax benefit of $105.4 million, which contributed $0.20 per diluted share. Adjusted for this prior year benefit, net income and earnings per share would have grown 10% and 12%, respectively.
“Nike’s first-quarter results reflect the strength of our brands and our global business,” said NIKE, Inc. President and CEO Mark Parker. “Our relentless focus on product innovation and premium consumer experiences generated balanced growth across every region and market share gains in key categories.”
Parker concluded, “Nike is able to connect with consumers and energize the market like nobody else. As we combine that with running a strong and smart business, we generate new growth, deliver strong cash flows, and create greater value for our shareholders.”*
Futures Orders
The Company reported worldwide futures orders for athletic footwear and apparel, scheduled for delivery from September 2008 through January 2009, totaling $6.8 billion, 10 percent higher than such orders reported for the same period last year. Changes in currency exchange rates increased reported orders growth by 1 percentage point.*
By region, futures orders for the U.S. were up 3 percent; Europe (which includes the Middle East and Africa) increased 4 percent; and Asia Pacific and the Americas each grew 27 percent. Changes in currency exchange rates did not have a significant impact on reported futures orders growth in Europe, but did increase reported futures orders growth by 3 percentage points in the Asia Pacific and Americas regions.
Regional Highlights
U.S.
During the first quarter, U.S. revenues increased 8 percent to $1.8 billion versus $1.6 billion for same period last year. U.S. athletic footwear revenues increased 9 percent to $1.2 billion. Apparel revenues increased 9 percent to $464.4 million. Equipment revenues were flat with last year at $97.7 million. U.S. pre-tax income increased 1 percent to $351.9 million.
Europe
First quarter revenues for the European region grew 20 percent to $1.8 billion from $1.5 billion for the same period last year. Changes in currency exchange rates increased revenue growth by 15 percentage points. Footwear revenues increased 24 percent to $982.4 million. Apparel revenues grew by 15 percent to $649.7 million and equipment revenues increased 20 percent to $146.6 million. Pre-tax income increased 17 percent to $442.4 million.
Asia Pacific
In the first quarter, revenues in the Asia Pacific region grew 36 percent to $860.6 million compared to $633.7 million a year ago. Changes in currency exchange rates increased revenue growth by 10 percentage points. Footwear revenues were up 37 percent to $454.0 million, apparel revenues increased 38 percent to $332.7 million and equipment revenues grew 21 percent to $73.9 million. Pre-tax income increased 15 percent to $185.5 million.
Americas
Revenues in the Americas region increased 26 percent to $355.7 million, an improvement from $282.0 million for the same period last year. Currency exchange rates contributed 7 percentage points to this growth rate. Footwear revenues were up 24 percent to $245.8 million, apparel revenues increased 36 percent to $79.4 million and equipment revenues grew 21 percent to $30.5 million. Pre-tax income was up 18 percent to $69.1 million.
Other Businesses
For the first quarter, Other business revenues, which include Cole Haan, Converse Inc., Hurley International LLC, NIKE Golf, and Umbro Ltd, which was acquired in the fourth quarter of last year, grew 7 percent to $655.3 million from $612.8 million last year and pre-tax income decreased 9 percent to $86.3 million.
Current year amounts are not directly comparable to the prior year due to changes in the Company’s affiliate brands portfolio. In the first quarter of last year the Company’s Other business segment included Converse Inc., NIKE Golf, Cole Haan, Hurley International LLC, the Starter Brand and NIKE Bauer Hockey. Following a corporate strategic review the Starter Brand and NIKE Bauer Hockey were sold in the third and fourth quarter of fiscal 2008, respectively. First quarter revenues and pretax income for the continuing Other businesses (Converse Inc., NIKE Golf, Cole Haan and Hurley International LLC) grew 20% and 19%, respectively.
Income Statement Review
In the first quarter of fiscal 2009 gross margins were 47.2 percent compared to 44.8 percent for the same period last year. The increase in gross margin versus the prior year quarter reflects an improved product, regional and owned retail mix; price increases in the Company’s U.S. and EMEA regions; favorable hedge results; sourcing cost initiatives; and higher margins in our Other businesses, partially offset by higher input costs and lower apparel margins in the U.S.
As anticipated, selling and administrative expenses were 34.2 percent of first quarter revenue compared to 30.8 percent for the same period last year due to demand creation spend in support of the European Championships and the Olympic games in Beijing. The effective tax rate for the first quarter was 28.5 percent compared to 15.0 percent for the same period last year. The prior year tax rate was significantly lower due to the one-time utilization of past foreign losses, which contributed $0.20 per diluted share to last year’s results.
Balance Sheet Review
At quarter end, global inventories stood at $2.5 billion, an increase of 14 percent from August 31, 2007. Cash and short-term investments were $2.6 billion at the end of the quarter, compared to $2.8 billion at the end of the first quarter last year.
Share Repurchase Program
During the first quarter, the Company repurchased a total of 7,068,980 shares for approximately $429.8 million in conjunction with the Company’s four-year, $3 billion share repurchase program approved by the Board of Directors in June 2006. As of the end of the first quarter the Company has repurchased a total of 45.7 million shares for approximately $2.5 billion under this program. On September 22, the Company also announced a new, four-year $5 billion share repurchase program to commence upon the completion of its current $3 billion program.
About NIKE, Inc.
NIKE, Inc. based near Beaverton, Oregon, is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned Nike subsidiaries include Cole Haan, which designs, markets and distributes luxury shoes, handbags, accessories and coats; Converse Inc., which designs, markets and distributes athletic footwear, apparel and accessories; Hurley International LLC, which designs, markets and distributes action sports and youth lifestyle footwear, apparel and accessories; and Umbro Ltd., a leading United Kingdom-based global football (soccer) brand. For more information, Nike’s earnings releases and other financial information are available on the Internet at www.Nikebiz.com/investors.
* The marked paragraphs contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by Nike with the S.E.C., including Forms 8-K, 10-Q, and 10-K. Some forward-looking statements in this release concern changes in futures orders that are not necessarily indicative of changes in total revenues for subsequent periods due to the mix of futures and “at once” orders, exchange rate fluctuations, order cancellations and discounts, which may vary significantly from quarter to quarter, and because a significant portion of the business does not report futures orders.
As Hurley’s new marketing message starts hitting over the next few months, many people are sure to recognize the model used in the women’s campaign. Bar Rafaeli, the Israeli supermodel that dates Leonardo DiCaprio and has been “romantically linked” to Kelly Slater, is the new face—and body!—of Hurley. The decision to use Rafaeli reaffirms a few things: Someone in Hurley’s marketing department makes good decisions, this is sure to get the brand some press in the mainstream, and Kelly Slater is a legend!
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The July issue of Transworld Business featured a summer showroom full of the latest trends, including the basic essentials: swimwear, watches and most importantly, sunglasses. Take a look at some of the latest retro trends and new millennium technologies that are shaping sunglass lines this year.
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Nike Inc. hosted its investor conference call on June 25 to discuss its Q4 ending May 31 and fiscal year 2008 earnings. CEO Mark Parker discussed the company’s affiliates program, which includes Hurley. Here’s an interesting excerpt: “Our ongoing Affiliates businesses – Converse, Nike Golf, Cole Haan and Hurley – each From CFO Don Blair: “Revenues from the businesses reported as Other grew 15% in fiscal 2008, bringing full Listen to the conference call RIGHT HERE Here’s the Press Release And Data NIKE, Inc. Reports Fiscal 2008 Earnings Per Share of $3.74 |
| Fiscal Year Revenue Up 14 Percent, Earnings Per Share Up 28 Percent Worldwide Futures Orders Up 11 Percent
BEAVERTON, Ore.—June 25, 2008–NIKE, Inc. (NYSE:NKE) today reported financial results for the 2008 fiscal year ended May 31, 2008. For the fiscal year, revenues grew 14 percent to $18.6 billion, compared to $16.3 billion last year. Net income increased 26 percent to $1.9 billion, compared to $1.5 billion last year, and diluted earnings per share increased 28 percent to $3.74 versus $2.93 last year. For the fourth quarter, revenues increased 16 percent to $5.1 billion, compared to $4.4 billion for the same period last year. Fourth quarter net income increased 12 percent to $490.5 million, compared to $437.9 million in the prior year, and diluted earnings per share increased 14 percent to $0.98, versus $0.86 last year. Changes in currency exchange rates increased revenue growth by 5 percentage points for the full year and 7 percentage points for the fourth quarter. Nike turned in another strong performance in fiscal year 2008. The power and strength of the Nike brand as well as the depth and diversity of the NIKE, Inc. portfolio produced solid sales growth across all geographies and key product platforms, said Mark Parker, President and CEO of NIKE, Inc. By continuing to deliver compelling consumer experiences, backed by strong operational execution, we’re confident we can deliver long-term profitable growth and create value for our shareholders.(a) Going forward we are going to play to those strengths and continue to invest in product innovation, deep brand connections, improved retail presentation, and operational effectiveness. Our focus is on working stronger, leaner and smarter through uncertain macroeconomic conditions to maximize our unique potential as a leader and innovator, Parker continued. As we complete fiscal 2008, we are better positioned than we ever have been.(a) Futures Orders The Company reported worldwide futures orders for athletic footwear and apparel, scheduled for delivery from June 2008 through November 2008, totaling $8.8 billion, 11 percent higher than such orders reported for the same period last year. Changes in currency exchange rates increased reported orders growth by 3 percentage points.(a) By region, futures orders for the U.S. were flat to last year; Europe (which includes the Middle East and Africa) increased 10 percent; Asia Pacific grew 31 percent; and the Americas increased 30 percent. Changes in currency exchange rates increased reported futures orders growth in Europe by 6 percentage points; by 7 percentage points in the Asia Pacific region; and by 1 percentage point in the Americas region.(a) Regional Highlights U.S. During the fourth quarter, U.S. revenues increased 4 percent to $1.7 billion versus $1.6 billion for the same period last year. Footwear revenues increased 6 percent to $1.1 billion. Apparel revenues increased 2 percent to $447.9 million. Equipment revenues decreased 15 percent to $78.2 million. U.S. pre-tax income declined 10 percent to $390.7 million. For the full fiscal year, U.S. revenues were up 4 percent to $6.4 billion. Footwear revenues increased 6 percent to $4.3 billion, apparel revenues grew 2 percent to $1.7 billion and equipment revenues decreased 5 percent to $306.1 million. U.S. pre-tax income increased 2 percent to $1.4 billion for the fiscal year. Europe Fourth quarter revenues for the European region grew 19 percent to $1.5 billion from $1.3 billion for the same period last year. Changes in currency exchange rates increased revenue growth by 15 percentage points. Footwear revenues increased 17 percent to $889.2 million. Apparel revenues grew by 22 percent to $531.1 million and equipment revenues increased 16 percent to $113.9 million. Fourth quarter pre-tax income increased 8 percent to $326.2 million. Full fiscal year European revenues grew 19 percent to $5.6 billion. Changes in currency exchange rates increased revenue growth by 11 percentage points. Footwear revenues were up 19 percent to $3.1 billion, apparel revenues increased 19 percent to $2.1 billion and equipment revenues grew 18 percent to $424.3 million. European fiscal year pre-tax income increased 22 percent to $1.3 billion. Asia Pacific Fourth quarter revenues for the Asia Pacific region grew 39 percent to $828.0 million compared to $596.9 million a year ago. Changes in currency exchange rates increased revenue growth by 13 percentage points. Footwear revenues were up 42 percent to $422.0 million, apparel revenues increased 40 percent to $337.7 million and equipment revenues grew 14 percent to $68.3 million. Fourth quarter pre-tax income increased 32 percent to $166.0 million. For the full fiscal year, Asia Pacific revenues increased 26 percent to $2.9 billion, compared to $2.3 billion last year. Changes in currency exchange rates increased revenue growth by 6 percentage points. Footwear revenues were $1.5 billion, up 29 percent from $1.2 billion last year, apparel revenues increased 25 percent to $1.1 billion and equipment revenues grew 13 percent to $242.2 million. Pre-tax income increased 36 percent to $692.6 million for the fiscal year. Americas Fourth quarter revenues in the Americas region increased 30 percent to $306.6 million compared to the same period last year. Changes in currency exchange rates increased revenue growth by 11 percentage points. Footwear revenues were up 19 percent to $202.1 million, apparel revenues increased 77 percent to $78.9 million and equipment revenues rose 22 percent to $25.6 million. Pre-tax income was up 53 percent to $60.8 million for the quarter. Full fiscal year revenues for the Americas region grew 21 percent to $1.2 billion; 7 percentage points of this growth was the result of changes in currency exchange rates. Footwear revenues increased 17 percent to $792.7 million, apparel revenues increased 37 percent to $265.4 million and equipment revenues rose 22 percent to $96.0 million. Pre-tax income increased 24 percent for the fiscal year to $239.3 million. Other Businesses For the fourth quarter, Other business revenues, which include, Converse Inc., NIKE Golf, Cole Haan, NIKE Bauer Hockey, Hurley International LLC, and Umbro Ltd. grew 15 percent to $749.5 million and pre-tax income was up 2 percent to $92.9 million. For the fiscal year, Other business revenues increased 15 percent to $2.6 billion and pre-tax income increased 12 percent to $336.4 million. In fiscal 2008, following a strategic review of the Company’s affiliate brands portfolio, the Company made a number of changes. During the year, the Company completed the divestiture of the Starter brand and NIKE Bauer Hockey and the acquisition of Umbro. The Starter brand was sold for $60 million in cash resulting in a gain of $29 million, which was included in third quarter Other income and expense. NIKE Bauer Hockey was sold for $189 million in cash resulting in a gain of $32 million, which was included in fourth quarter Other income and expense. As part of the sale, the Company licensed the limited use of certain Company trademarks for a period of two years. Accordingly, $41 million of the sales price was deferred and will be recognized in Other income and expense over the license period. The acquisition of Umbro was completed in the fourth quarter for total consideration of GBP 290.5 million (approximately $576 million), inclusive of transaction fees. Income Statement Review In the fourth quarter of fiscal 2008 gross margins were 45.8 percent compared to 43.8 percent for the same period last year. For the fiscal year, gross margins were 45.0 percent compared to 43.9 percent last year. Selling and administrative expenses were 33.1 percent of fourth quarter revenue compared to 29.0 percent for the same period last year. For the fiscal year, selling and administrative expenses as a percent of revenue were 32.0 percent versus 30.8 percent last year. The effective tax rate for the fourth quarter was 24.3 percent compared to 33.5 percent for the same period last year, benefiting from a larger proportion of earnings coming from outside the United States where the Company benefits from lower tax rates. For the fiscal year, the effective tax rate was 24.8 percent compared to 32.2 percent last year; reflecting a one-time tax benefit related to utilization of past foreign losses that contributed $0.21 per diluted share, as well as continued improvements in the tax efficiency of the Company’s global operations. Balance Sheet Review At the end of the fiscal year, global inventories stood at $2.4 billion, an increase of 15 percent from May 31, 2007. Cash and short-term investments were comparable to the end of last fiscal year at $2.8 billion. Share Repurchase During the fourth quarter, the Company purchased a total of 4,447,605 shares for approximately $290 million in conjunction with the Company’s four-year, $3 billion share repurchase program approved by the Board of Directors in June 2006. As of the end of the fiscal year, the Company has purchased a total of 38,646,058 shares for approximately $2.1 billion under this program. NIKE, Inc. based near Beaverton, Oregon, is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned Nike subsidiaries include Converse Inc., which designs, markets and distributes athletic footwear, apparel and accessories; Cole Haan, which designs, markets and distributes luxury shoes, handbags, accessories and coats; Hurley International LLC, which designs, markets and distributes action sports and youth lifestyle footwear, apparel and accessories; and Umbro Ltd., a leading United Kingdom-based global football (soccer) brand. For more information, visit nikebiz.com. NIKE’s earnings releases and other financial information are available on the Internet at www.nikebiz.com/investors. (a) The marked paragraphs contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the S.E.C., including Forms 8-K, 10-Q, and 10-K. Some forward-looking statements in this release concern changes in futures orders that are not necessarily indicative of changes in total revenues for subsequent periods due to the mix of futures and at once orders, exchange rate fluctuations, order cancellations and discounts, which may vary significantly from quarter to quarter, and because a significant portion of the business does not report futures orders. (Tables Follow)
NIKE, Inc.
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED MAY 31, 2008
(In millions, except per share data)
QUARTER ENDED YEAR TO DATE ENDED
INCOME % %
STATEMENT 05/31/2008 05/31/2007 Chg 05/31/2008 05/31/2007 Chg
======================================================================
Revenues $5,088.0 $ 4,383.2 16% $ 18,627.0 $16,325.9 14%
Cost of sales 2,756.6 2,464.2 12% 10,239.6 9,165.4 12%
----------------------- ----------------------
Gross margin 2,331.4 1,919.0 21% 8,387.4 7,160.5 17%
45.8% 43.8% 45.0% 43.9%
Selling
and
administrative
expense 1,686.3 1,272.0 33% 5,953.7 5,028.7 18%
33.1% 29.0% 32.0% 30.8%
Interest
income, net 10.7 24.2 -56% 77.1 67.2 15%
Other income
(expense), net (7.5) (12.4) 40% (7.9) 0.9 -978%
----------------------- ----------------------
Income before
income taxes 648.3 658.8 -2% 2,502.9 2,199.9 14%
Income taxes 157.8 220.9 -29% 619.5 708.4 -13%
----------------------- ----------------------
24.3% 33.5% 24.8% 32.2%
Net income $490.5 $ 437.9 12% $ 1,883.4 $ 1,491.5 26%
======================= ======================
Diluted EPS $0.98 $ 0.86 14% $ 3.74 $ 2.93 28%
Basic EPS $1.00 $ 0.87 15% $ 3.80 $ 2.96 28%
Weighted Average Common Shares
Outstanding:
Diluted 500.1 510.2 504.1 509.9
Basic 491.4 502.8 495.6 503.8
======================= ======================
Dividends
declared $0.23 $ 0.185 $ 0.875 $ 0.71
======================= ======================
NIKE, Inc.
BALANCE SHEET 05/31/2008 05/31/2007
======================================================================
(In millions)
ASSETS
Current assets:
Cash and equivalents $ 2,133.9 $ 1,856.7
Short-term investments 642.2 990.3
Accounts receivable, net 2,795.3 2,494.7
Inventories 2,438.4 2,121.9
Deferred income taxes 227.2 219.7
Prepaid expenses and other current assets 602.3 393.2
-----------------------
Total current assets 8,839.3 8,076.5
Property, plant and equipment 4,103.0 3,619.1
Less accumulated depreciation 2,211.9 1,940.8
-----------------------
Property, plant and equipment, net 1,891.1 1,678.3
Identifiable intangible assets, net 743.1 409.9
Goodwill 448.8 130.8
Deferred income taxes and other assets 520.4 392.8
-----------------------
Total assets $ 12,442.7 $ 10,688.3
=======================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 6.3 $ 30.5
Notes payable 177.7 100.8
Accounts payable 1,287.6 1,040.3
Accrued liabilities 1,761.9 1,303.4
Income taxes payable 88.0 109.0
-----------------------
Total current liabilities 3,321.5 2,584.0
Long-term debt 441.1 409.9
Deferred income taxes and other liabilities 854.5 668.7
Redeemable preferred stock 0.3 0.3
Shareholders' equity 7,825.3 7,025.4
-----------------------
Total liabilities and shareholders' equity $ 12,442.7 $ 10,688.3
=======================
NIKE, Inc.
QUARTER ENDED YEAR TO DATE ENDED
DIVISIONAL % %
REVENUES 05/31/2008 05/31/2007 Chg 05/31/2008 05/31/2007 Chg
======================================================================
(In millions)
U.S. Region
Footwear $ 1,143.6 $ 1,080.8 6% $ 4,326.8 $ 4,067.2 6%
Apparel 447.9 437.9 2% 1,745.1 1,716.1 2%
Equipment 78.2 91.5 -15% 306.1 323.8 -5%
----------------------- -----------------------
Total 1,669.7 1,610.2 4% 6,378.0 6,107.1 4%
EMEA Region
Footwear 889.2 757.1 17% 3,112.6 2,608.0 19%
Apparel 531.1 436.0 22% 2,083.5 1,757.2 19%
Equipment 113.9 98.3 16% 424.3 358.1 18%
----------------------- -----------------------
Total 1,534.2 1,291.4 19% 5,620.4 4,723.3 19%
Asia Pacific
Region
Footwear 422.0 296.4 42% 1,499.5 1,159.2 29%
Apparel 337.7 240.4 40% 1,140.0 909.3 25%
Equipment 68.3 60.1 14% 242.2 214.9 13%
----------------------- -----------------------
Total 828.0 596.9 39% 2,881.7 2,283.4 26%
Americas
Region
Footwear 202.1 169.4 19% 792.7 679.6 17%
Apparel 78.9 44.7 77% 265.4 193.9 37%
Equipment 25.6 20.9 22% 96.0 79.0 22%
----------------------- -----------------------
Total 306.6 235.0 30% 1,154.1 952.5 21%
----------------------- -----------------------
4,338.5 3,733.5 16% 16,034.2 14,066.3 14%
----------------------- -----------------------
----------------------- -----------------------
Other 749.5 649.7 15% 2,592.8 2,259.6 15%
----------------------- -----------------------
----------------------- -----------------------
Total NIKE,
Inc.
revenues $ 5,088.0 $ 4,383.2 16% $ 18,627.0 $ 16,325.9 14%
----------------------- -----------------------
NIKE, Inc.
QUARTER ENDED % YEAR TO DATE ENDED %
PRE-TAX
INCOME(1,2) 05/31/2008 05/31/2007 Chg 05/31/2008 05/31/2007 Chg
======================================================================
(in millions)
U.S. Region $ 390.7 $ 433.1 -10% $ 1,391.9 $ 1,367.3 2%
EMEA Region 326.2 302.2 8% 1,266.2 1,036.2 22%
Asia Pacific
Region 166.0 125.5 32% 692.6 508.3 36%
Americas
Region 60.8 39.8 53% 239.3 192.7 24%
Other 92.9 91.2 2% 336.4 299.7 12%
Corporate(3) (388.3) (333.0)-17% (1,423.5) (1,204.3)-18%
------------------------ ------------------------
Total pre-tax
income(1) $ 648.3 $ 658.8 -2% $ 2,502.9 $ 2,199.9 14%
======================== ========================
-------------------------------------
(1) The Company evaluates performance of individual operating segments
based on pre-tax income. Total pre-tax income equals Income before
income taxes as shown on the Consolidated Income Statement.
(2) Certain prior year amounts have been reclassified to conform to
fiscal year 2008 presentation. These changes had no impact on
previously reported results of operations or shareholders' equity.
(3) Corporate represents items necessary to reconcile to total pre-
tax income, which includes corporate costs that are not allocated to
the operating segments for management reporting and intercompany
eliminations for specific items in the Consolidated Income Statement.
CONTACT: NIKE, Inc. SOURCE: NIKE, Inc. |
Hurley, a leading global youth brand with strong roots in surf, skate, art, music and beach culture, today announced the seventh installment of its expanding fashion event, “Walk The Walk,” to take place at the Irvine Spectrum in Orange County, California on June 6th, 2008.
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Starting July 10, teams from Hurley, Lost, Volcom, and Billabong will travel up the coast performing the most outrageous and creative stunts that the minds at Transworld SURF could devise.
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