Nike, the leading athletic shoe and clothes maker, said today that fourth-quarter profits rose 29 per cent on cost controls, in line with expectations, and warned first-quarter earnings would be below last year's on currency and inventory concerns.
The spomsor of Tiger Woods and Michael Jordan said revenues were $2.5 billion in the fourth quarter, up from $2.3 billion for the same period last year.
Nike chief executive Mr Phil Knight warned that due to unfavorable foreign exchange rates and excess inventory he expected first-quarter earnings per share will be below last year. Nike said it anticipates full year 2002 earnings growth to come in the second half of the year.
Nike has lost some ground to other shoemakers in the past two years as fickle teens preferred hiking boots to sneakers, but it still controls about 40 per cent of the US athletic shoe market.