The world's largest sportswear company Nike said on the 17th, the company's second-quarter sales decline, resulting in a temporary decline in corporate profits. But company leaders said they saw signs of a recovery in profits, and consumer sentiment is expected to strengthen after several more challenging quarters.
In the third consecutive quarter of earnings decline, the Chinese market once again become Nike's redemption.
Nike said demand for goods in Western Europe, China and emerging markets has soared as a result of the dollar's devaluation, which now calls for a 4% increase in orders for goods submitted early next spring. In the second quarter, Nike's profit fell 4% to 375.5 million US dollars, 76 cents a share. Revenue from the company was only down 8% to 4.4 billion U.S. dollars due to tight inventory and cost control. This result is slightly better than expected. Earlier, Thomson Reuters survey of several analysts expected the average earnings per share of 71 cents, revenue 4.4 billion.
Nike leaders are optimistic about the 2010 World Cup and several new products to be sold. "The strength of the Nike brand is still very enviable," said Charlie Danson, president of Nike. "The quadrennial soccer World Cup in South Africa next year will be a potential market for Nike and its Umbro brand, which it acquired in 2007. Nike executives have not disclosed anything about the company's business plan for the World Cup, but the company said it would be an "unprecedented" marketing campaign.
Nike said in the spring of next year will launch the "Fresh Air" series, "Fresh Air" series is also Nike's existing air cushion system appearance and performance of a complete replacement.
Sam Poser, an analyst at Sterne Agee, a research firm that invests in the U.S., said that Nike had done its best to deal with the financial crisis this quarter but the company had to face a challenging market until 2011.
For some analysts to advise Nike on proposals to reduce risk and reduce collaboration with athletes, Nike CEO Mark Parker said Nike's cooperation with athletes and teams is crucial to the company "Ultimately, we will make a decision after considering Nike's brand strength and shareholders' interests, and this will never change."
Nike shares rose as much as 1.25 U.S. dollars to 64.50 U.S. dollars on Thursday.
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