Hurley revenue rises double digits for year

As reported on shop-eat-surf.com June 25th 2008
Hurley revenue rises double digits for year

Nike released results this afternoon for its fiscal fourth quarter and year ended May 31.

Hurley revenue grew 14 percent to $171 million in fiscal 2008, Nike executives said during a conference call with analysts.
Executives on the call discussed how the company reviewed its portfolio of other businesses this year to focus on the businesses with the most growth potential. Hurley survived that review. Two brands did not - Starter and Nike Bauer Hockey.

Year-end results for other Nike-owned business include a 29 percent increase for Converse to $729 million; a 12 percent increase for Nike Golf to $725 million; and a 6 percent increase for Cole Haan to $496 million.

Overall, Nike recorded strong international growth and slow U.S. growth. The company was pleased with its footwear performance but said apparel sales were mixed. Performance apparel did well but sportswear is lagging.

Nike company financials

Full year: Total company revenue revenue grew 14 percent to $18.6 billion. Net income rose 26 percent to $1.9 billion.

Fourth quarter: Revenue grew 16 percent to $5.1 billion. Net income grew 12 percent to $490.5 million.

U.S revenues

Fourth quarter: Total revenues up 4 percent to $1.7 billion. Footwear rose 6 percent. Apparel increased 2 percent.

Full year: Total revenue rose 4 percent to $6.4 billion. Footwear increased 6 percent. Apparel grew 2 percent.

Europe revenue

Fourth quarter: up 19 percent to $1.5 billion.

Full year: up 19 percent to $5.6 billion

Asia Pacific revenue

Fourth quarter: up 39 percent to $828 million

Full year: up 26 percent to $2.9 billion.

Americas revenue

Fourth quarter: up 30 percent to $306.6 million

Full year: up 21 percent to $1.2 billion

Future orders

In the U.S., future orders for athletic footwear and apparel were flat for deliveries scheduled for June 2008 through November 2008. Europe increased 10 percent. Asia Pacific grew 31 percent. Americas increased 30 percent. International future orders were partially helped by exchange rates.