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Sales Are Up, Profit Is Down for Nike

March 21, 2001 Bloomberg News

Nike Inc., the world’s biggest maker of athletic shoes, said fiscal third quarter profit fell 33% to $97.4 million, or 35 cents a share, as sales edged up to $2.17 billion from $2.16 billion a year ago. Analysts had cut their average profit forecast to 35 cents a share from 53 cents last month after Nike said earnings would fall short of forecasts, in part because of glitches in an inventory system. those rights exclusively. The unprecedented move means millions of dollars lost to the NBA. Jordan, 28, who led the Chicago Bulls to their first NBA championship last season, is among the most profitable personalities in the league. said Thursday that it has added a patent infringement claim over lens coatings to a lawsuit it filed against Nike Inc. last year. In an amended complaint in federal court in Santa Ana, Oakley contends sneaker and apparel giant Nike copied its patented Iridium lens coating technology in Nike’s sunglasses line. is recalling about 425,000 pairs of cross training shoes because a sharp metal strip can protrude from the shoe’s heel and cause injuries,
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the Consumer Product Safety Commission said. Nike is recalling several models of Jordan Trunner shoes, including the Trunner, Trunner Mid, Trunner Bubble, and Trunner 2000, the CPSC said. said its fiscal second quarter net income rose 8.1%, helped by iPod compatible shoes and a tax gain. Earnings grew to $325.6 million, or $1.28 a share, beating analysts’ estimates. Profit was $301.1 million, or $1.14, a year earlier, Nike said. Revenue grew 10% to $3.82 billion. The company boosted sales with the Nike Plus shoe that works with an iPod and signature footwear from basketball star LeBron James. said Tuesday that a judge has ruled in its favor on eight pretrial motions related to the Foothill Ranch company’s patent infringement lawsuit against Nike Inc. The federal court’s rulings strengthen Oakley’s legal positions and will limit Nike’s defense at the trial, which is scheduled to begin in June,
polo towers hotel las vegas Featured Articles about Nike Inc
Oakley said.