Athletic shoe and apparel maker Nike Inc. (NKE) will shoot out its final quarter results after the market close today. Analysts polled by Thomson Reuters are looking for earnings of $0.96 per share on revenue of $4.74 billion. Analysts' estimates typically exclude special items. In the year-ago quarter, the company had earned $490.5 million or $0.98 per share, on revenue of $5.09 billion.
{loadposition link_nowtime} Throughout the quarter, the company has been taking strategic measures to control costs by cutting jobs, freezing hiring and managing inventory in light of the current economic downturn, which in part may help the company to post better results in the fourth-quarter. {loadposition homeaccordion2}
| | | {loadposition contentad} | | | | | As part of the realignment initiative to boost competitiveness, Nike said last month that it will eliminate about 1,750 jobs or 5% of its 35-thousand strong global workforce, including 500 jobs at its World Headquarters near Beaverton, Oregon. In an effort to make the brand more competitive, Nike announced in March that it plans to reorgainze its Nike Brand into a new model consisting of six geographies, with reduced management layers. The realignment, however, may also result in an overall reduction of up to 4% of company workforce, affecting around 1,400 positions, the company noted. As per the new plan, Nike would now operate in six geographical regions, including North America, Western Europe, Eastern/Central Europe, Greater China, Japan and Emerging Markets. Prior model was based on four regions including the U.S., Asia Pacific, Americas, and EMEA -Europe, Middle East and Africa. For the preceding third-quarter, Nike witnessed 47% decline in profit, due to the impairment charge at its Umbro unit and lower sales. The Beaverton, Oregon-based company's net income for the quarter was $243.8 million, down from $463.8 million in the prior year quarter. Earnings per share declined 46% to $0.50 from $0.92 in the previous year quarter. Third-quarter revenue decreased 2% to $4.44 billion from $4.54 billion in the same quarter of last year. Among others in the industry, Adidas Group's (ADDYY.PK) first-quarter net income attributable to shareholders plunged to EUR 5 million or EUR 0.04 per share from EUR 169 million or EUR 0.79 per share in the year-ago quarter, dented by higher input prices, currency devaluation effects and restructuring costs. Net sales were EUR 2.58 billion, down 1.7% from EUR 2.62 billion in the prior year quarter. Timberland Co. (TBL) reported that its first-quarter net income decreased to $15.877 million or $0.27 per share from $18.039 million or $0.30 per share a year ago. Revenue declined to $296.648 million from $340.402 million last year. Stratham-based company anticipates fiscal 2009 to continue to be challenging due to the uncertainty around consumer spending patterns and the financial health of the retail industry. Given the volatile nature of current economic conditions, the company believes there is not sufficient visibility to set expectations for the performance of the business. NKE is currently trading at $54.21, up $0.67. For the past 52-weeks, the stock has been trading between $38.24 and $68.00. {loadposition link_pricepatterns}
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