Nike Inc. (NKE: Quote) reported that its fourth-quarter net income declined to $549 million or $1.17 per share, from $594 million or $1.24 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.37 per share for the quarter. Analysts' estimates typically exclude special items.
Earnings per share for the quarter was down 6 percent as a result of a lower gross margin, higher SG&A spending, an increase in the effective tax rate and a charge related to restructuring Nike Brand Western Europe's operations to better realign resources against growth opportunities and drive efficiencies.
Revenues for the quarter rose to $6.47 billion from $5.77 billion in the prior year quarter. Seventeen analysts had consensus revenue estimate of $6.51 billion for the quarter.
Fourth quarter revenues rose 12 percent, or 14 percent on a currency neutral basis, to $6.5 billion. This was a result of higher revenues across every Nike Brand geography, key category and product type as well as across all Other Businesses.
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by RTT Staff Writer
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