Nike Inc (NYSE:NKE) Reports Q4 and Fiscal 2016 Results
Yesterday Nike Inc (NYSE:NKE) announced its financial results for the fourth quarter and fiscal year ended May 31, 2016. The athletic apparel maker reported revenue growth of 6% for the quarter but the $8.24 billion generated by the company failed to meet the $8.26 billion that the analysts expected. As a result in after-hours trading NKE‘s stock tumbled down by 3%.
For the quarter the net income of the company was $846 million, down from $865 million a year ago. NKE reported earnings per share of $0.49 beating the average estimate of the analysts of $0.48. For the full year the net income rose to $3.76 billion while the reported revenue stood at $32.38 billion. According to NKE the strong dollar continued to have a negative effect on the company’s international revenues after the currencies are exchanged. Otherwise, the reported revenue would have grown by 9%.
With sales in North America staying flat NKE‘s revenue growth was driven by double digit increase in sales in Western Europe, Greater China, emerging markets and Japan.
Nike said that worldwide futures orders, which represent products scheduled to be delivered from June through November, were up by 8%. This could indicate relatively strong demand going into fiscal 2017.
NKE‘s stock closed the regular trading session 2.31% in the green at $53.09. Compared to its share price at the start of the year the stock is still down by 15%.