NIKE Inc reported financial results for the second quarter ended November 30, 2006. For the quarter, revenue grew 10 percent to $3.8 billion, compared to $3.5 billion for the same period last year. Changes in currency exchange rates increased revenue growth by 1 percentage point for the quarter. Second quarter net income grew 8 percent to $325.6 million, compared to $301.1 million in the prior year and diluted earnings per share increased 12 percent to $1.28, versus $1.14 last year.
During the quarter, the Company also finalized a new long-term tax agreement with the Dutch government, which included a retroactive tax benefit for fiscal 2006 and the first half of fiscal 2007, contributing $0.13 per diluted share to results for the quarter.
Mark Parker, Nike Inc President and Chief Executive Officer, said, "The Nike brand and our Nike Inc. portfolio continued to be strong worldwide, driving double-digit top line growth for the quarter. Nike+, Lebron IV, Nike Pro Revolution, Converse's Wade 1.3 and Cole Haan's Dress Air for women were some of the product introductions creating consumer excitement and marketplace energy.”
“At the same time, we delivered strong earnings growth and a significant 19 percent increase in our dividend for shareholders. Our brands are strong, the Company is growing revenues and profits, and we are delivering on our commitment to lead the industry with sharper focus, greater competitiveness and deeper influence through ongoing product innovation and consumer connections."
marketing@alchempro.com
