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NIKE, Inc. Reports Fiscal 2010 Third Quarter Results

Posted by Dana in March 19th 2010

Select Third Quarter Results:

* Revenue $4.7 billion; up 7 percent versus prior year
* Diluted EPS of $1.01, up 102 percent from prior year; excluding prior year non-cash impairment charge diluted EPS up 2 percent
* Worldwide futures orders up 9 percent; up 6 percent excluding currency changes
* Inventories down 13 percent versus prior year

NIKE, Inc. (NYSE:NKE) reported financial results for its fiscal 2010 third quarter ended February 28, 2010. Third quarter revenues increased 7 percent, from $4.4 billion last year to $4.7 billion in the current year. Excluding changes in currency exchange rates, net revenue was up 2 percent compared to the same

Third quarter net income was $496 million or $1.01 per diluted share, compared to $244 million or $0.50 per diluted share in the same period last year. Results from last year included a $241 million, after-tax non-cash charge related to the impairment of goodwill, intangible and other assets of the Company’s Umbro subsidiary. Excluding this charge, net income and diluted earnings per share both would have increased 2 percent.