NIKE, Inc. now anticipates that its revenue for the fiscal third quarter ended February 29, 2004 will increase more than 20% over the prior year. Prior year revenues were unusually low due to the timing of shipments related to the Company's supply chain implementation in its European business. While the Company does not intend to begin the practice of providing earnings per share guidance, this revenue increase would result in estimated third quarter earnings per share of between $0.71 and $0.74 per diluted share.*
“Nike's businesses in the United States and Asia Pacific regions, combined with favorable European currency exchange rates, are resulting in very healthy revenue growth for the company,” Philip H. Knight, Chairman and Chief Executive Officer said. “Consumer demand for Nike products continues to grow as our innovative product and superior brand presence are generating renewed energy in the footwear and apparel industry. We remain optimistic that the momentum we are seeing in our business is setting the stage for continued profitable growth through the remainder of fiscal 2004.”*
For the fourth quarter, the company has not adjusted its expectation of high single digit revenue growth, year-over-year expansion of gross margins, and continued investment in selling, general and administrative expenses in excess of revenue growth.*
