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Nike running wild
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March 21, 1997: 7:24 p.m. ET
Analysts lace up excitement as earnings race past expectations
From Correspondent Bill Tucker
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NEW YORK (CNNfn) - Shoe giant Nike Inc.'s stock fell 2-1/4 Friday to close at 65-1/4, even though the company unveiled marathon quarterly results late Thursday.
After markets closed Thursday, Nike reported a 77-percent rise in fiscal third-quarter profits, while also saying worldwide sales rose 55 percent and orders remain strong for the next quarter.
Virtually all of Nike's businesses improved, with running shoes, basketball shoes and women's fitness apparel showing the hottest results.
Nike stock rose by as much as 1-7/8 Friday on the New York Stock Exchange, but later reversed gears as the broader market fell.
Still, analysts believe the stock will bring home the gold in the future.
"Nike continues to do everything right," said Scott Emerman, footwear analyst at Dean Witter Reynolds. "It's been a great run for them -- almost three years now of double digit sales growth, double digit futures growth, very impressive earnings growth."
Analysts say Nike is doing well at every stage of the game, especially in innovative design, strong marketing and forging good relationships with retailers.
Josephine Esquivel, apparel analyst at Morgan Stanley, said the only question seems to be what the company can do for an encore to Thursday's results. (173K WAV) or (173K AIFF).
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Nike.com
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