JAKARTA: Nike Inc yesterday reported financial results for its fiscal 2011 second quarter ended November 30, 2010. Nikes revenue totaled US$4.8 billion or rose by 10% compared to the prior year while its earnings per share for the quarter augmented 24% to US$0.94 compared to the same period last year.As quoted from its official website, Nike continues to experience strong sales in the market and is benefited from clean inventory position while better leveraging SG&A expenses.We had a great second quarter. Almost every brand, category and geography delivered growth. We continue to outperform the market thanks to our innovative product, compelling brands and strong marketplace management. Thats good for athletes and consumers, good for our industry, and its good for our shareholders, said Mark Parker, President and CEO of Nike, Inc.Nike has also secured some futures order as the Nike Brand athletic footwear and apparel, scheduled for delivery from December 2010 through April 2011, totaled US$7.7 billion or 11% higher than orders reported for the same period last year.The companys gross margins also increased 80 basis points to 45,3%, mainly propelled by a higher mix of full-price sales and fewer and more profitable close-out sales resulting from strong demand for the products and cleaner inventory positions, as well as improved profitability from Nikes direct to consumer operations.Apart from that, selling and administrative expenses were up 9% to US$1,6 billion due to the operating overhead which increased 14% to US$1.0 billion. Nikes other income reached US$28 billion, comprised largely of non-recurring items and net conversion gains.Nike also recorded a net income gain of 22% to US$457 million while its inventories totaled US$2.3 billion, an 8% rise compared to 30 November 2009.In addition, during the second quarter, Nike repurchased a total of 3.5 million shares for approximately US$280 million as part of the Nikes four-year US $5 billion share repurchase program, approved by the Board of Directors in September 2008.Nike Inc happens to be the worlds leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. (t02/wiw)
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