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The world's largest athletic footwear and apparel company Nike (Nike) (NKE.N: Quote) announced that pre-sale orders for the decline in the global market than expected, suppressing its shares in after-hours trade in U.S. stocks fell nearly 5%.
Nike issued a warning to the analyst, said to be full of challenges in 2010, the company expected revenue was flat or even decline slightly. Old rival Adidas and Nike (Adidas) (ADSG.DE: Quote) in the high-end sports competitive products.
However, Nike CEO Parker (Mark Parker) did talk about "a quick recovery," the possibility that with the global economy gradually improved, the company's brand in the rising curve.
"From a longer-term perspective, we do walk the road to recovery," Parker said in a conference call, "but such a recovery will take time, let us realistic."
Although the fourth quarter of fiscal year Nike slightly better than analysts expected a profit, but weak outlook overshadowed a bright spot to make it to combat company's share price in after-hours trade in the U.S. fell to 50.50 U.S. dollars, earlier in the New York Stock Conventional Exchange trading session closed at 53.02 U.S. dollars.
Outlook 2010, exchange rate fluctuations nike shoes factors that will pressure gross margins. Blair Chief Financial Officer (Don Blair) said the exchange rate does not include the impact of the fiscal year 2010 revenue is expected to be flat to slightly down, in which the first half of revenue, especially in the first quarter of the revenue decline is likely.
In response to the global economic slowdown, Nike has been working to cut costs to offset the impact of shrinking sales. Companies reduced marketing expenses, the termination of a foundry plant orders in Asia and the global job cuts of 5%.
Nike announced that, as of May 31 in the fourth quarter of fiscal year net profit to 341.4 million U.S. dollars, a surplus per share (EPS) 0.70 U.S. dollars, lower than the same period last year of 490.5 million U.S. dollars and 0.98 U.S. dollars.
Performance report included a 144.5 million U.S. dollars with the layoffs and the company's business after-tax integration-related expenses, or 0.29 U.S. dollars per share.
Does not include the above expenditure, the surplus share of nike shoes for the fourth quarter of 0.99 U.S. dollars, higher than the Reuters survey of analysts expected an average of 0.96 U.S. dollars.