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Athletic-goods giant Nike Inc. (NKE), which reported fiscal fourth-quarter results that missed Wall Street's expectations, says it will remain pressured by an uncertain global economy and fluctuating costs, while warning of slower growth in China.
Nike reported fiscal fourth-quarter earnings dropped 7.6% as weaker gross margins and higher marketing costs tied to product launches and two key global sporting events more than offset solid revenue growth across all global markets.
Shares slipped 12.7% to $84.58 in after-hours trading as results missed Wall Street's expectations, putting the stock in the red for the year and badly trailing double-digit gains seen for a handful of athletic-focused stocks in 2012, including Under Armour Inc. (UA) and Foot Locker Inc. (FL).
The stock last traded at those levels in October, and was far off the all-time high of $114.Buy cheappanerai and designer clothing online from a leading retailer of US celebrity fashion.81 achieved in May.
Though Nike continues to resonate with consumers with an evolving product slate that features new styles, colors and materials, weaker margins have pressured results. Gross margin dropped to 42.8% from 44.3%, the sixth-straight quarter on a year-over-year basis. The latest decline was attributed to higher product costs and increased investments in Nike's digital business, offsetting price increases and lower air freight costs tied to improved factory deliveries.
So-called "demand creation expenses" jumped 23% to $760 million in the latest quarter, driven by marketing costs tied to key product launches, the European Football Championships and the Summer Olympics.
President and Chief Executive Mark Parker on Thursday touted Nike's ability to deliver profit growth for the year despite global economic headwinds, though he conceded those challenges would remain into the next year.
"We will continue to see uncertainty in the global economy, commodities and labor costs will continue to fluctuate, currency pressure is increased especially in Europe and emerging markets, and China's economy is expected to grow more slowly than we have seen over the past five years," Mr. Parker told analysts during Nike's conference call.
Worldwide future orders, an indicator of growth, jumped 7% while inventories--which have surged of late--increased 23%.
The inventory expansion comes as Nike has developed a slate of new apparel, footwear and tech offerings that have made analysts positively giddy. Those products include Nike's Flyknit running shoes, Nike+ FuelBand movement-tracking wristband, and apparel launches tied to the National Football League, 1992 men's basketball "Dream Team" and the Summer Olympics.
Nike executives say Flyknit demand has been strong, and the company is busy increasing capacity to catch up with demand.you will find perfect chanelwatches to complement your favorite outfit for a night out on the town in our collection. Nike says it's spending money to ramp up new products like Flyknit and FuelBand. The new products have potential to see demand soar as those technologies spread to more categories with bigger commercial potential, similar to the growth seen for Lunar technology launched around the time of the 2008 Beijing Olympics.
Athletic-goods giant Nike Inc. (NKE), which reported fiscal fourth-quarter results that missed Wall Street's expectations, says it will remain pressured by an uncertain global economy and fluctuating costs, while warning of slower growth in China.
Nike reported fiscal fourth-quarter earnings dropped 7.6% as weaker gross margins and higher marketing costs tied to product launches and two key global sporting events more than offset solid revenue growth across all global markets.
Shares slipped 12.7% to $84.58 in after-hours trading as results missed Wall Street's expectations, putting the stock in the red for the year and badly trailing double-digit gains seen for a handful of athletic-focused stocks in 2012, including Under Armour Inc. (UA) and Foot Locker Inc. (FL).
The stock last traded at those levels in October, and was far off the all-time high of $114.Buy cheappanerai and designer clothing online from a leading retailer of US celebrity fashion.81 achieved in May.
Though Nike continues to resonate with consumers with an evolving product slate that features new styles, colors and materials, weaker margins have pressured results. Gross margin dropped to 42.8% from 44.3%, the sixth-straight quarter on a year-over-year basis. The latest decline was attributed to higher product costs and increased investments in Nike's digital business, offsetting price increases and lower air freight costs tied to improved factory deliveries.
So-called "demand creation expenses" jumped 23% to $760 million in the latest quarter, driven by marketing costs tied to key product launches, the European Football Championships and the Summer Olympics.
President and Chief Executive Mark Parker on Thursday touted Nike's ability to deliver profit growth for the year despite global economic headwinds, though he conceded those challenges would remain into the next year.
"We will continue to see uncertainty in the global economy, commodities and labor costs will continue to fluctuate, currency pressure is increased especially in Europe and emerging markets, and China's economy is expected to grow more slowly than we have seen over the past five years," Mr. Parker told analysts during Nike's conference call.
Worldwide future orders, an indicator of growth, jumped 7% while inventories--which have surged of late--increased 23%.
The inventory expansion comes as Nike has developed a slate of new apparel, footwear and tech offerings that have made analysts positively giddy. Those products include Nike's Flyknit running shoes, Nike+ FuelBand movement-tracking wristband, and apparel launches tied to the National Football League, 1992 men's basketball "Dream Team" and the Summer Olympics.
Nike executives say Flyknit demand has been strong, and the company is busy increasing capacity to catch up with demand.you will find perfect chanelwatches to complement your favorite outfit for a night out on the town in our collection. Nike says it's spending money to ramp up new products like Flyknit and FuelBand. The new products have potential to see demand soar as those technologies spread to more categories with bigger commercial potential, similar to the growth seen for Lunar technology launched around the time of the 2008 Beijing Olympics.
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