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Xinhua News Agency - <B><FONT COLOR=BLUE>Nike</FONT></B> Earnings Fall 35 Percent
Nike
Earnings Fall 35 Percent
Xinhua News Agency
:
Friday,
September
18,
1998
LOS ANGELES (Sept. 17) XINHUA -
Nike
Inc., the world largest sport footware-maker, reported Thursday its earnings fell 35 percent in the latest quarter, which ended August 31.
The profits for the latest quarter were 163.8 million U.S. dollasr compared to 253.1 million U.S. dollars, the sports marketing giant said, adding that revenue fell 9 percent to 2.5 billion U.S. dollars from 2.8 billion U.S. dollars.
Nike
also reported orders declined 15 percent to 3.2 billion U.S. dollars for the latest quarter, compared to the same period last year.
Asian orders were down the most, 56 percent, while domestic orders were down 7 percent and European orders decline by just 1 percent, the company said.
Although the earnings of the latest quarter were lower than the same period last year, it was a significant improvement from the previous quarter, when
Nike
reported a 67.7 million U.S. dollars loss.
Nike
blamed the drop of earnings in the latest quarter for the
continued weak sales, especially in Asia. Enditem
18/09/98 08:29 GMT
©Copyright 1998 Comtex Inc. Published by OneSource Information Services, Inc., September, 1998.
