Calling all changemakers. To give you some perspective most financial analysts in the industry were looking for a profit target around seven cents 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. BEAVERTON, Ore., Dec. 19, 2019 – NIKE, Inc. (NYSE:NKE) today reported fiscal 2020 financial results for its second quarter ended November 30, 2019. BEAVERTON, Ore., Dec. 19, 2019 – NIKE, Inc. (NYSE:NKE) today reported fiscal 2020 financial results for its second quarter ended November 30, 2019. Total revenue was down 38% to $6.31 billion from $10.18 billion a year ago. We're on your team. COVID-19 is their cover, not the principal cause. For those who track issues closely, Nike is using the COVID-19 issues to hide the Kaepernick effect. Published Tue, Mar 24 2020 4:42 PM EDT Updated Wed, Mar 25 2020 7:36 AM … 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. The strength of our brand, our compelling product and innovation, our leading digital ecosystem and more are all fueling our growing separation. Shoppers walk pass a Nike store in Beijing, September 20, 2020. “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.”**. Nike on Thursday reported quarterly revenue $1 billion below Wall Street expectations, ... 2020, 5:01pm PDT. That’s a big deal. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. The conference call will be broadcast live via the Internet and can be accessed at http://investors.nike.com. In 2020, Nike's global net income amounted to about 2.54 billion U.S. dollars. 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. /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 … Download the PDF of the FY20 Q2 Press Release and Schedules. 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 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 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. NIKE annual gross profit for 2019 was $17.474B, a 9.51% increase from 2018. NIKE annual net income for 2019 was $4.029B, a 108.43% increase from 2018. Individuals can also visit http://news.nike.com and follow @NIKE. Their year-over-year sales are down 38%, which tells us the downward spiral has been happening for a lot longer than a quarter. Revenues for NIKE, Inc. increased 10 percent to $10.3 billion, up 13 percent on a currency- neutral basis. Demand creation expense was $881 million, down 3 percent due primarily to a timing shift of investment in certain brand campaigns. 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. Get the detailed quarterly/annual income statement for Nike, Inc. (NKE). The … It mentions that workers at Nike’s retail stores, distribution centers, and manufacturing facilities are not expected to be cut. Nike Inc.’s income before income taxes increased from 2018 to 2019 but then decreased significantly from 2019 to 2020. Posted on June 26, 2020 by Sundance. 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. […] 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. 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 shocked investors ... digital-focused shopping environment through the rest of 2020. Consequences from those painfully stupid -and brutally political- mistakes cannot be avoided forever. 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.“. 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. They did this because the larger goal was to hide the impact of their branding shift. The email offers few details with respect to who among the brand’s thousands of employees will be affected. 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. 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. The sports brand benefited from an 84 percent increase in online sales and strong demand from China. 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. 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”. Nike Reports Profit Loss of $790 Million in Q4 and a Year-Over-Year Sales Decline of 38% (46% in U.S.)…. For those who track issues closely, Nike is using the COVID-19 issues to hide the Kaepernick effect. How bad were their results? American corporations are flexing their Washington influence to fight legislation curbing their ability to profit off Chinese slave labor. NIKE annual net income for 2020 was $2.539B, a 36.98% decline from 2019. Notice how everything in those statements seems to contradict itself and provides no clarity as to why such a stunning loss would be recorded? Nike Inc. Cl B Annual stock financials by MarketWatch. Digital sales soared 75%, representing about 30% of total revenue, as shoppers flocked to Nike’s website for sneakers and workout gear. The result Nike reported was a loss of 51 cents per share. Remember, this bottom line loss is the direct result of the top line collapse. Nike on ... below expectations of $0.09 in profit per share. Evidence to support my review found in the action that Nike takes after releasing their $790 million profit loss. 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. 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