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Nike tops estimates
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December 20, 2001: 4:38 p.m. ET
Footwear maker earns 48 cents a share, beating forecasts of 46 cents.
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NEW YORK (CNN/Money) - Nike Inc. Thursday reported higher profits in the latest quarter despite tough economic conditions, as the world's biggest maker of athletic footwear topped forecasts on Wall Street.
Nike (NKE: Research, Estimates) reported fiscal 2002 second-quarter net income of $129 million, or 48 cents per share, up from $119 million, or 44 cents a share, a year earlier. Analysts had estimated profits of 46 cents a share, according to First Call, which tracks Wall Street forecasts.
Revenue for the quarter rose 6 percent to $2.3 billion, matching analysts' estimates compiled by First Call.
The Beaverton, Ore.-based company said worldwide orders for athletic footwear and apparel between Dec. 2001 and April 2002 rose 8 percent from the same period a year ago to $3.9 billion.
"The acceleration of Nike's orders over the previous quarter is a testament to the strength of both our product and our brand," said Philip H. Knight, Nike chairman and CEO, in a statement.
Nike said it expected modest earnings and revenue growth for the balance of its 2002 fiscal year as it remains cautious about the U.S. retail environment.
"The retail situation continues to be highly uncertain," Donald Blair, Nike's chief financial officer, told analysts during a conference call. "So we are fairly cautious over the back half of the year."
"On our last call we told you we expect to grow earnings per share for the full year. We're confident we are still on track to do that", Blair said. "Current trends still suggest middle single-digit revenue growth over the balance of the year."
Revenue in the United States rose 3 percent, while revenue in Europe and Africa rose 14 percent and Latin America's revenue rose 5 percent. 
-- from staff and wire reports
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