NIKE, Inc. reported fiscal 2013 financial results for its fourth quarter and full year ended May 31, 2013. For continuing operations, strong demand for NIKE, Inc brands drove fourth quarter revenue to $6.7 billion, up 7 percent, or 9 percent on a currency neutral basis. Fourth quarter diluted EPS from continuing operations grew faster than revenue, up 27 percent, mainly as a result of gross margin expansion, a lower effective tax rate and a lower average share count.
Highlights:
-Fourth quarter revenues from continuing operations up 7 percent to $6.7 billion, up 9 percent excluding currency changes -Fourth quarter diluted earnings per share from continuing operations up 27 percent to $0.76 -Fiscal 2013 revenues from continuing operations up 8 percent to $25.3 billion, up 11 percent excluding currency changes -Fiscal 2013 diluted earnings per share from continuing operations up 11 percent to $2.69 -NIKE Brand futures orders up 8 percent -Inventories as of May 31, 2013 up 7 percent
Fiscal 2013 revenues from continuing operations were $25.3 billion, up 8 percent, or 11 percent excluding the impact of changes in foreign currency. For continuing operations, fiscal 2013 diluted EPS growth outpaced revenue growth, up 11 percent to $2.69, primarily due to gross margin improvement, a lower tax rate and a lower average share count, which more than offset the impact of SG&A deleverage.
Fiscal 2013 was a great year for NIKE, driven by our innovative products and the power of our brands,” said Mark Parker, President and CEO of NIKE, Inc. “And we’re excited about what lies ahead. We have the best leadership team in the industry and a deep innovation pipeline. Both are aligned against our biggest opportunities to drive growth, manage risk and drive long-term shareholder value."
