Instead, he wrote, the restructuring is a remedy to the “overburdened matrix” the company has become. View the latest NKE financial statements, income statements and financial ratios. That’s the larger background. Total revenue was down 38% to $6.31 billion from $10.18 billion a year ago. Revenues for NIKE, Inc. increased 10 percent to $10.3 billion, up 13 percent on a currency- neutral basis. He said the planned cuts are meant to simplify how Nike works and increase speed and responsiveness. Revenues for Converse were $480 million, up 15 percent on a currency-neutral basis, mainly driven by double-digit growth in Asia and Europe, as well as through digital globally. The result Nike reported was a loss of 51 cents per share. This loss is all about the top line. Selling and administrative expense increased 6 percent to $3.3 billion. For Nike, FY20 was a year that proved the power of our competitive advantages – and the opportunity we have to accelerate them. NIKE annual net income for 2020 was $2.539B, a 36.98% decline from 2019. The conference call will be broadcast live via the Internet and can be accessed at http://investors.nike.com. The email, viewed by Complex, comes after Nike posted a net loss of $790 million in its latest quarterly earnings report on the same day. /VCG Nike Inc's online sales of Air Maxes and other shoes in North America drove quarterly profit and revenue ahead of Wall Street estimates and led the world's largest athletic shoemaker to forecast better … We're on your team. Nike on ... below expectations of $0.09 in profit per share. Gross margin increased 20 basis points to 44.0 percent primarily due to higher average selling prices and margin expansion in NIKE Direct and Converse, partially offset by impacts from higher product costs, primarily due to incremental tariffs in North America. The raw material doesn’t cost more (it’s actually less); inflation didn’t chew up their import pricing (it’s actually less); they are buying in dollars which are actually stronger; energy costs are not higher (they are actually less) and Nike has not been hurt by tariffs because Chinese devaluation of currency (beyond the tariff cost) has actually helped raise the profit equation for many importers. Sales in North America were down 46% (link). NIKE annual gross profit for 2020 was $16.241B, a 7.06% decline from 2019. BEAVERTON, Ore., Dec. 19, 2019 – NIKE, Inc. (NYSE:NKE) today reported fiscal 2020 financial results for its second quarter ended November 30, 2019. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. To give you some perspective most financial analysts in the industry were looking for a profit target around seven cents per share. Find out the revenue, expenses and profit or loss over the last fiscal year. Here’s an example of a company that will not put themselves in the same position of vulnerability; and it is not coincidental their announcement comes out immediately following the Nike report. Nike purposefully cut-out half the population of their largest market in order to virtue signal to their leftist peers and retain cocktail party invitations. We will be monitoring ongoing and will revisit our current position if necessary. Nike Inc. Cl B Annual stock financials by MarketWatch. Consequences from those painfully stupid -and brutally political- mistakes cannot be avoided forever. It mentions that workers at Nike’s retail stores, distribution centers, and manufacturing facilities are not expected to be cut. In fiscal 2020, the Company returned $4.5 billion to shareholders, including: Dividends of $1.5 billion, compared with $1.3 billion in fiscal 2019, reflecting a lower share count offset by an 11 percent increase in the dividend per share. Their year-over-year sales are down 38%, which tells us the downward spiral has been happening for a lot longer than a quarter. NIKE gross profit for the twelve months ending August 31, 2020 was $16.111B, a 10.24% decline year-over-year. Revenue increased to $10.3 billion in the second quarter, up 10 percent on a reported basis and up 13 percent on a currency-neutral basis*, driven by strong growth across all geographies. Gross profit margin percentage of Nike worldwide from 2014 to 2020 Nike's revenue in Western Europe 2009-2017, by segment Global brand value of Nike from 2016 to 2020 How bad were their results? Nike on Thursday reported quarterly revenue $1 billion below Wall Street expectations, ... 2020, 5:01pm PDT. A woman carries Nike shopping bags at the Citadel Outlet mall, as the global outbreak of the coronavirus disease (COVID-19) continues, in Commerce, California, U.S., December 3, 2020. Revenues for the NIKE Brand were $9.8 billion, up 12 percent on a currency-neutral basis driven by growth across wholesale and NIKE Direct; key categories including Sportswear, the Jordan Brand and Running, and continued growth across footwear and apparel. NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on December 19, 2019, to review fiscal second quarter results. Nike soared as much as 12% on Wednesday after beating expectations for fiscal first-quarter earnings and issuing optimistic guidance for the rest of the year.. Continuing to advertise on these platforms at this time would not add value to people and society. Remember, this bottom line loss is the direct result of the top line collapse. In my opinion, having tracked MAGA and Anti-MAGA companies and effects, what Nike was doing in much of last year was hiding and deferring income losses due to sales declines. Calling all changemakers. The Nike Community Impact Fund supports grassroots organizations to get kids moving -- because it’s in community centers, on local playing fields and at the school in your neighborhood, that kids will learn to fall in love with sport and physical activity. The effective tax rate was 10.7 percent, compared to 15 percent for the same period last year, primarily due to a more favorable impact from stock-based compensation. For those who track issues closely, Nike is using the COVID-19 issues to hide the Kaepernick effect. Demand creation expense was $881 million, down 3 percent due primarily to a timing shift of investment in certain brand campaigns. Inventories for NIKE, Inc. were $6.2 billion, up 15 percent compared to the prior year period, reflecting strong consumer demand globally as well as a higher rate of on-time factory deliveries, and to a lesser extent, the impact from changes in foreign currency exchange rates. Revenue fell 0.6% to $10.6 billion. Net income: The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. That’s a big deal. Posted on June 26, 2020 by Sundance. Nike saw the COVID-19 economic contraction as a way to hide a top-line and bottom-line  collapse that has very little to do with the coronavirus. Nike's digital reach helped its China segment continue to perform despite coronavirus-fueled shutdowns in the first few months of 2020. Again, my hunch is that Nike has been playing ‘hide the loss’ ever since their stupid business decision to rebrand as apparel only for social justice warriors. Individuals can also visit http://news.nike.com and follow @NIKE. In 2020, Nike's global net income amounted to about 2.54 billion U.S. dollars. The sports brand benefited from an 84 percent increase in online sales and strong demand from China. NIKE annual gross profit for 2019 was $17.474B, a 9.51% increase from 2018. Operating overhead expense increased 9 percent to $2.4 billion driven by continued investments in transformational capabilities, particularly in NIKE Direct and global operations. “NIKE delivered another strong quarter of accelerating, high-quality growth, driven by strategic and targeted investment in our digital transformation,” said Andy Campion, Executive Vice President and Chief Financial Officer, NIKE, Inc. “As we deliver a relentless flow of innovation and scale NIKE’s digital advantage, we are positioned for even greater competitive separation and long-term shareholder value creation.”**. However, as with all revenue and profit hiding schemes inside large corporations (and there are many that can be used) eventually you run out of ways to hide profit losses as a result of top-line collapses. NIKE annual net income for 2019 was $4.029B, a 108.43% increase from 2018. There is a lot of weird financial data in/around Nike that is coming to a head. Rag Tag Bunch of Conservative Misfits – Contact Info: President Trump Remarks Leading Workforce Advisory Board Meeting – Video and Transcript…, December 16th – 2020 Presidential Politics – Trump Administration Day #1427, Senate Leader Mitch McConnell Warns Republican Senators Not To Challenge 2020 Election Results, December 15th – 2020 Presidential Politics – Trump Administration Day #1426, Senator Richard Blumenthal Blames Russians for SolarWinds Orion Cyber Hack, Texas AG Paxton: “We Have to Fight” Mail-in Ballots “or We Lose Credible Elections Forever”. The email offers few details with respect to who among the brand’s thousands of employees will be affected. The strength of our brand, our compelling product and innovation, our leading digital ecosystem and more are all fueling our growing separation. (more). Unilever is backing away from digital advertising: UNILEVER – The complexities of the current cultural landscape have placed a renewed responsibility on brands to learn, respond and act to drive a trusted and safe digital ecosystem. Nike shocked investors ... digital-focused shopping environment through the rest of 2020. Net income increased 32 percent to $1.1 billion driven primarily by strong revenue growth, gross margin expansion, selling and administrative expense leverage and a lower tax rate, while diluted earnings per share increased 35 percent to $0.70 reflecting a nearly 2 percent decline in the weighted average diluted common shares outstanding. In their latest financial results Nike is reporting a net quarterly loss of $790 million…. They did this because the larger goal was to hide the impact of their branding shift. Nike closed the second quarter of the broken fiscal year with a profit of 1.3 billion dollars (1.06 billion euros), an increase of 12 percent compared to the same period a year earlier. Download the PDF of the FY20 Q2 Press Release and Schedules. Nike didn’t want people to know how much backlash they faced, so they used every mechanism possible including inventory manipulation to avoid showing losses. Nike Reports Profit Loss of $790 Million in Q4 and a Year-Over-Year Sales Decline of 38% (46% in U.S.)…. During the second quarter, NIKE, Inc. repurchased 10.1 million shares for approximately $922 million as part of the four-year, $15 billion program approved by the Board of Directors in June 2018. That is a massive disparity. Given our Responsibility Framework and the polarized atmosphere in the U.S., we have decided that starting now through at least the end of the year, we will not run brand advertising in social media newsfeed platforms Facebook, Instagram and Twitter in the U.S. Nike inspira a atletas de todo el mundo ofreciéndoles productos, experiencias y servicios innovadores. ** The marked paragraph contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. Nike immediately responds by saying (emphasis mine): Nike CEO John Donahoe announced in a company-wide email on Thursday that the brand will soon be “forced to make some difficult choices” that will “likely result in a net reduction of jobs.“. BEAVERTON, Ore., Dec. 19, 2019 – NIKE, Inc. (NYSE:NKE) today reported fiscal 2020 financial results for its second quarter ended November 30, 2019. Evidence to support my review found in the action that Nike takes after releasing their $790 million profit loss. 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. Shoppers walk pass a Nike store in Beijing, September 20, 2020. Cash and equivalents and short-term investments were $3.5 billion, $539 million lower than last year as share repurchases, dividends, and investments in infrastructure more than offset proceeds from net income. Lists ranking Nike RANK 322 American corporations are flexing their Washington influence to fight legislation curbing their ability to profit off Chinese slave labor. However, given the defensive excuses over the COVID-19 shutdown, that loss alone isn’t the big story. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at http://investors.nike.com. Si continúas explorando nuestro sitio, aceptas el uso de dichas cookies. […] Donahoe ensured that the reductions in staff would “not be done for cost reasons.” The CEO also said they were not a response to the coronavirus pandemic. (read more). Nike Inc.’s income before income taxes increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. Modest price cuts allowed gross profit margin to decline … Published Tue, Mar 24 2020 4:42 PM EDT Updated Wed, Mar 25 2020 7:36 AM … Digital sales soared 75%, representing about 30% of total revenue, as shoppers flocked to Nike’s website for sneakers and workout gear. Everyone remembers Nike went all-in on their social justice model and made a corporate decision to make Black Lives Matter activist Colin Kaepernick the image of their brand. 2020 Annual Report. COVID-19 is their cover, not the principal cause. Eventually inventories are trued up; eventually supplies need to be replenished; eventually extended -and or renegotiated- vendor payments need to be made; eventually it’s going to catch up to you. There is a lot of weird financial data in/around Nike that is coming to a head. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K. * See additional information in the accompanying Divisional Revenues table regarding this non-GAAP financial measure. But Donahoe also wrote in it that Nike does “not yet know how many jobs will be reduced, nor who will be specifically impacted.”, The layoffs are scheduled to happen in phases, the first one concluding in late July and the last one in the fall. The … Notice how everything in those statements seems to contradict itself and provides no clarity as to why such a stunning loss would be recorded? Diluted earnings per share for the quarter was $0.70, an increase of 35 percent driven primarily by strong revenue growth, gross margin expansion, selling and administrative expense leverage, a lower tax rate and a lower average share count. “In Q2, NIKE has proven again that innovation is our greatest competitive edge – turning athlete insights into breakthrough product and digital services, as we offer more choice to more consumers at an accelerated pace,” said Mark Parker, Chairman, President and CEO, NIKE, Inc. “Our entire NIKE team is fueling our current momentum, and I’ve never been more optimistic about the future of this company.”**. As of November 30, 2019, a total of 33.6 million shares had been repurchased under this program for approximately $2.9 billion. NIKE net income for the twelve months ending August 31, 2020 was $2.690B, a 37.5% decline year-over-year. In NIKE’s investor call for Q4 ending May 31, 2020, John J. Donahoe, president and CEO NIKE Inc. and Matthew Friend, executive vice president … In my opinion, this is what’s happened. For those who track issues closely, Nike is using the COVID-19 issues to hide the Kaepernick effect. Nike Inc general counsel Hilary Krane's total compensation rose about 22% year-over-year to nearly $6 million in the footwear maker's fiscal year 2020, which ended May 31 … Del modelo 'Blazer' de Nike al 'Basket Profi' de Adidas, las nuevas zapatillas que están triunfando en Instagram (con estilo retro y comodísimas) prometen ser la tendencia 'sporty' del 2020 The company attributed the loss in part to the strain COVID-19 placed on its business globally. Get the detailed quarterly/annual income statement for Nike, Inc. (NKE). For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, January 9, 2020. The company’s net income rose to $1.52 billion, or 95 cents per share, from $1.37 billion, or 86 cents per share, a year earlier. Nike CEO John Donahoe announced in a company-wide email on Thursday that the brand will soon be "forced to make some difficult choices" that will "likely result in a net reduction of jobs.". Nike procesa la información relacionada con tus visitas mediante el uso de cookies para mejorar el rendimiento del sitio, facilitar que compartas elementos en las redes sociales y ofrecer anuncios adaptados a tus intereses. The top line collapse revisit our current position if necessary loss of cents. Income: the portion of profit or loss over the last fiscal year in those seems. * * the marked paragraph contains forward-looking statements that involve risks and uncertainties that could cause actual results differ... 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