Wednesday, October 7, 2009

Nike Earnings Report

Nike released 1st Qtr FY2010 earnings on September 29,2009.

Revenue was down 12% versus prior year to $4.8B.

Diluted EPS up 1% from prior year to $1.04.

Inventories down 7% versus prior year.

Net Income was basically flat at $513M.

On the close of Sept. 29th NKE traded at $60.09 and the next day Sept. 30th, they closed up 7.7% to $64.70.

As of 12:35 on Wednesday October 7, 2009, they were trading at $63.14.

Since June 30th to today, their share price is up nearly 22%.

Bloomberg 19 Analysts covering it. 9 Buys, 9 Holds, and 1 Sell.
Goldman Sachs has a Buy/Neutral recommendation and a target price of $75.

Will continue to monitor.

~Michael A. Williams

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