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Earnings Highlights and Summary

For the fourth quarter of the fiscal year 2018 , Nike's total revenues reached $9.79 billion, reflecting an increase of 12.82% from $8.68 billion in Q4 FY17, driven by a strong double-digit revenue growth in international markets and NIKE Direct globally, and a return to growth in North America. On a constant currency basis, the Company's revenues increased 8% on a y-o-y basis. The Company's revenue numbers exceeded analysts' consensus estimates by $390 million.

For the quarter under review, Nike's footwear revenues jumped 12.26% to $6.14 billion on a y-o-y basis, and its apparel revenues improved 20.17% to $2.77 billion on a y-o-y basis, while its global brand divisions' revenues advanced 33.33% to $24 million on a y-o-y basis.

During Q4 FY18, Nike's cost of sales was $5.41 billion, 11.48% higher than $4.85 billion in Q4 FY17. The Company's gross profit jumped 14.52% to $4.38 billion in the reported quarter from $3.82 billion in the prior year's comparable quarter. The Company's gross profit margin improved to 44.72% in Q4 FY18.

Nike incurred selling and administrative expenses of $3.12 billion in Q4 FY18, 17.07% higher than $2.67 billion in Q4 FY17. The Company's income before income taxes advanced 4.02% to $1.22 billion in Q4 FY18 from $1.17 billion in Q4 FY17.

Nike reported a net income of $1.14 billion in the quarter ended May 31, 2018, reflecting an increase of 12.80% from $1.01 billion in the corresponding period of last year. The Company's diluted net income per share also advanced 15% to $0.69 in Q4 FY18 from $0.60 in Q4 FY17; primarily due to a strong revenue growth, a gross margin expansion, a lower tax rate, and a lower average share count, which were partially offset by higher selling and administrative expenses. This exceeded analysts' consensus estimates by $0.05 per share.

For the year ended May 31, 2018, Nike generated total revenues of $36.40 billion, up 5.96% from $34.35 billion in the same period of last year. The Company's gross profit increased 4.21% to $15.96 billion on a y-o-y basis in FY18. Nike reported a net income of $1.93 billion in FY18, representing a decrease of 54.41% from $4.24 billion in FY17. The Company's diluted earnings per share (EPS) also fell 53.39% to $1.17 in FY18 from $2.51 in FY17.

Segment Details

During Q4 FY18, Nike Brand segment's revenues were $9.27 billion, up 14.05% on a y-o-y basis. For the quarter under review, Nike Brand's revenues increased 9% on a constant currency basis driven by double-digit increases in NIKE Direct, international geographies, Sportswear, Global Football, and a growth in North America. The segment had earnings before interest and taxes of $1.50 billion in Q4 FY18 compared to $1.30 billion in Q4 FY17, reflecting an increase of 16.14%.

For Q4 FY18, Nike's Converse segment generated revenues of $512 million, 7.58% lower than the prior year's corresponding quarter. For the reported quarter, the segment's revenues declined 14% on a constant currency basis, as growth in Asia was more than offset by declines in other territories. The segment had earnings before interest and taxes of $104 million in Q4 FY18 compared to $137 million in Q4 FY17.

Cash Matters

Nike had cash and cash equivalents of $4.25 billion as on May 31, 2018, 11.58% higher than $3.81 billion as on May 31, 2017. The Company's long-term debt declined 0.09% to $3.47 billion on a y-o-y basis as on May 31, 2018.

During Q4 FY18, Nike repurchased a total of 23.10 million shares for approximately $1.60 billion as part of the four-year, $12 billion program approved by the Board of Directors in November 2015. As of May 31, 2018, the Company repurchased a total of 149.40 million shares under this program for approximately $8.70 billion.

Outlook

Nike's Board of Directors authorized a new four-year, $15 billion program to repurchase shares of its Class B Common Stock. The Company anticipates that the current $12 billion share repurchase program will be completed within FY19, and the new program will commence upon the completion of the current program.

Stock Performance Snapshot

July 13, 2018 - At Friday's closing bell, NIKE's stock was slightly up 0.01%, ending the trading session at $77.38.

Volume traded for the day: 2.96 million shares.

Stock performance in the last month ? up 4.41%; previous three-month period ? up 15.06%; past twelve-month period ? up 33.55%; and year-to-date ? up 23.71%

After last Friday's close, NIKE's market cap was at $124.69 billion.

Price to Earnings (P/E) ratio was at 32.19.

The stock has a dividend yield of 1.03%.

The stock is part of the Consumer Goods sector, categorized under the Textile - Apparel Footwear & Accessories industry. This sector was up 0.3% at the end of the session.

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