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1、Investor Contact:Media Contact:Paul TrussellVirginia Rustique-PNIKE,INC.REPORTS FISCAL 2025 SECOND QUARTER RESULTSBEAVERTON,Ore.,Dec.19,2024 NIKE,Inc.(NYSE:NKE)today reported fiscal 2025 financial results for its second quarter ended November 30,2024.Second quarter revenues were$12.4 billion,down 8

2、percent on a reported basis compared to the prior year and down 9 percent on a currency-neutral basis*NIKE Direct revenues were$5.0 billion,down 13 percent on a reported basis and down 14 percent on a currency-neutral basisWholesale revenues were$6.9 billion,down 3 percent on a reported basis and do

3、wn 4 percent on a currency-neutral basisGross margin decreased 100 basis points to 43.6 percentDiluted earnings per share was$0.78After an energizing 60 days of being back with my NIKE teammates,our clear priority is to return sport to the center of everything we do,said Elliott Hill,President&CEO,N

4、IKE,Inc.Were taking immediate action to reposition our business,so we can get back to driving long-term shareholder value.Our team is ready to go,and Im confident you will see more moments of NIKE being NIKE again.NIKEs second-quarter financial performance largely met our expectations,as we continue

5、 to make progress in shifting our portfolio,said Matthew Friend,Executive Vice President and Chief Financial Officer,NIKE,Inc.Under Elliotts leadership,we are accelerating our pace and reigniting brand momentum through sport.Second Quarter Income Statement ReviewRevenues for NIKE,Inc.were$12.4 billi

6、on,down 8 percent on a reported basis compared to the prior year and down 9 percent on a currency-neutral basis.NIKE Brand revenues were$12.0 billion,down 7 percent on a reported basis and down 8 percent on a currency-neutral basis,driven by declines across all geographies.NIKE Direct revenues were$

7、5.0 billion,down 13 percent on a reported basis and down 14 percent on a currency-neutral basis,primarily due to a 21 percent decrease in NIKE Brand Digital and a 2 percent decrease in NIKE-owned stores.Wholesale revenues were$6.9 billion,down 3 percent on a reported basis and down 4 percent on a cu

8、rrency-neutral basis.Revenues for Converse were$429 million,down 17 percent on a reported basis and down 18 percent on a currency-neutral basis,due to declines across all territories.Gross margin decreased 100 basis points to 43.6 percent,primarily due to higher discounts and changes in channel mix,

9、partially offset by lower product input costs as well as lower warehousing and logistics costs.Selling and administrative expense decreased 3 percent to$4.0 billion.Demand creation expense was$1.1 billion,up 1 percent,primarily due to an increase in sports marketing expense offset by a decrease in b

10、rand marketing expense.Operating overhead expense decreased 5 percent to$2.9 billion,due to lower wage-related expenses and lower other administrative costs.The effective tax rate was 17.9 percent compared to 17.9 percent for the same period last year.Net income was$1.2 billion,down 26 percent,and D

11、iluted earnings per share was$0.78,a decrease of 24 percent.November 30,2024 Balance Sheet ReviewInventories for NIKE,Inc.were$8.0 billion,flat compared to the prior year,reflecting an increase in units offset by lower product input costs and product mix shifts.Cash and equivalents and short-term in

12、vestments were$9.8 billion,down approximately$0.2 billion from last year,as cash generated by operations was more than offset by share repurchases,cash dividends and capital expenditures.Shareholder ReturnsNIKE continues to have a strong track record of consistently increasing returns to shareholder

13、s,including 23 consecutive years of increasing dividend payouts.In the second quarter,the Company returned approximately$1.6 billion to shareholders,including:Dividends of$557 million,up 7 percent from the prior year.Share repurchases of$1.1 billion,reflecting 13.1 million shares retired as part of

14、the Companys four-year,$18 billion program approved by the Board of Directors in June 2022.As of November 30,2024,a total of 112.8 million shares have been repurchased under the program for a total of approximately$11.3 billion.Conference Call NIKE,Inc.management will host a conference call beginnin

15、g at approximately 2:00 p.m.PT on December 19,2024,to review fiscal second quarter results.The conference call will be broadcast live via the Internet and can be accessed at https:/.For those unable to listen to the live broadcast,an archived version will be available at the same location through ap

16、proximately 9:00 p.m.PT,January 10,2025.About NIKE,Inc.NIKE,Inc.,based near Beaverton,Oregon,is the worlds leading designer,marketer and distributor of authentic athletic footwear,apparel,equipment and accessories for a wide variety of sports and fitness activities.Converse,a wholly-owned NIKE,Inc.s

17、ubsidiary brand,designs,markets and distributes athletic lifestyle footwear,apparel and accessories.For more information,NIKE,Inc.s earnings releases and other financial information are available on the Internet at https:/.Individuals can also visit https:/ and follow NIKE.Forward-Looking Statements

18、This press release contains forward-looking statements,which involve risks and uncertainties that could cause actual results to differ materially.These risks and uncertainties are detailed from time to time in reports filed by NIKE with the U.S.Securities and Exchange Commission(SEC),including Forms

19、 8-K,10-Q and 10-K.*Non-GAAP financial measure.See additional information in the accompanying Divisional Revenues.(Tables Follow)NIKE,Inc.CONSOLIDATED STATEMENTS OF INCOME(Unaudited)THREE MONTHS ENDED%SIX MONTHS ENDED%(In millions,except per share data)11/30/202411/30/2023Change11/30/202411/30/2023C

20、hangeRevenues$12,354$13,388 -8%$23,943$26,327 -9%Cost of sales 6,965 7,417 -6%13,297 14,636 -9%Gross profit 5,389 5,971 -10%10,646 11,691 -9%Gross margin 43.6%44.6%44.5%44.4%Demand creation expense 1,122 1,114 1%2,348 2,183 8%Operating overhead expense 2,883 3,032 -5%5,705 6,079 -6%Total selling and

21、 administrative expense 4,005 4,146 -3%8,053 8,262 -3%of revenues 32.4%31.0%33.6%31.4%Interest expense(income),net(24)(22)(67)(56)Other(income)expense,net(8)(75)(63)(85)Income before income taxes 1,416 1,922 -26%2,723 3,570 -24%Income tax expense 253 344 -26%509 542 -6%Effective tax rate 17.9%17.9%1

22、8.7%15.2%NET INCOME$1,163$1,578 -26%$2,214$3,028 -27%Earnings per common share:Basic$0.78$1.04 -25%$1.48$1.99 -26%Diluted$0.78$1.03 -24%$1.48$1.97 -25%Weighted average common shares outstanding:Basic 1,486.8 1,520.8 1,492.3 1,524.6 Diluted 1,490.0 1,532.1 1,495.9 1,537.7 Dividends declared per commo

23、n share$0.400$0.370$0.770$0.710 NIKE,Inc.CONSOLIDATED BALANCE SHEETS(Unaudited)November 30,November 30,%Change(Dollars in millions)20242023ASSETSCurrent assets:Cash and equivalents$7,979$7,919 1%Short-term investments 1,782 2,008 -11%Accounts receivable,net 5,302 4,782 11%Inventories 7,981 7,979 0%P

24、repaid expenses and other current assets 1,936 1,943 0%Total current assets 24,980 24,631 1%Property,plant and equipment,net 4,857 5,153 -6%Operating lease right-of-use assets,net 2,736 2,943 -7%Identifiable intangible assets,net 259 269 -4%Goodwill 240 281 -15%Deferred income taxes and other assets

25、 4,887 3,926 24%TOTAL ASSETS$37,959$37,203 2%LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Current portion of long-term debt$1,000$100%Notes payable 49 6 717%Accounts payable 3,255 2,709 20%Current portion of operating lease liabilities 481 456 5%Accrued liabilities 5,694 5,470 4%Income tax

26、es payable 767 358 114%Total current liabilities 11,246 8,999 25%Long-term debt 7,973 8,930 -11%Operating lease liabilities 2,562 2,785 -8%Deferred income taxes and other liabilities 2,141 2,343 -9%Redeemable preferred stock Shareholders equity 14,037 14,146 -1%TOTAL LIABILITIES AND SHAREHOLDERS EQU

27、ITY$37,959$37,203 2%NIKE,Inc.DIVISIONAL REVENUES(Unaudited)%Change Excluding Currency Changes1%Change Excluding Currency Changes1THREE MONTHS ENDED%SIX MONTHS ENDED%(Dollars in millions)11/30/202411/30/2023Change11/30/202411/30/2023ChangeNorth AmericaFootwear$3,236$3,757 -14%-14%$6,448$7,490 -14%-14

28、%Apparel 1,693 1,668 1%1%3,024 3,147 -4%-4%Equipment 250 200 25%25%533 411 30%30%Total 5,179 5,625 -8%-8%10,005 11,048 -9%-9%Europe,Middle East&AfricaFootwear 1,982 2,186 -9%-12%3,934 4,446 -12%-12%Apparel 1,136 1,200 -5%-8%2,129 2,337 -9%-10%Equipment 185 181 2%-1%383 394 -3%-4%Total 3,303 3,567 -7

29、%-10%6,446 7,177 -10%-11%Greater ChinaFootwear 1,203 1,361 -12%-14%2,449 2,648 -8%-8%Apparel 472 469 1%-3%832 870 -4%-6%Equipment 36 33 9%9%96 80 20%21%Total 1,711 1,863 -8%-11%3,377 3,598 -6%-7%Asia Pacific&Latin AmericaFootwear 1,234 1,303 -5%-4%2,286 2,444 -6%-3%Apparel 437 437 0%0%785 808 -3%-1%

30、Equipment 73 65 12%10%135 125 8%10%Total 1,744 1,805 -3%-2%3,206 3,377 -5%-2%Global Brand Divisions2 13 12 8%-2%27 25 8%9%TOTAL NIKE BRAND 11,950 12,872 -7%-8%23,061 25,225 -9%-9%Converse 429 519 -17%-18%930 1,107 -16%-16%Corporate3(25)(3)(48)(5)TOTAL NIKE,INC.REVENUES$12,354$13,388 -8%-9%$23,943$26

31、,327 -9%-9%TOTAL NIKE BRANDFootwear$7,655$8,607 -11%-12%$15,117$17,028 -11%-11%Apparel 3,738 3,774 -1%-2%6,770 7,162 -5%-6%Equipment 544 479 14%12%1,147 1,010 14%13%Global Brand Divisions2 13 12 8%-2%27 25 8%9%TOTAL NIKE BRAND REVENUES$11,950$12,872 -7%-8%$23,061$25,225 -9%-9%1The percent change has

32、 been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations,which is considered a non-GAAP fina

33、ncial measure.Management uses this non-GAAP financial measure when evaluating the Companys performance,including when making financial and operating decisions.Additionally,management believes this non-GAAP financial measure provides investors with additional financial information that should be cons

34、idered when assessing the Companys underlying business performance and trends.References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S.GAAP and may not be comparable to similarly titled non-GAAP m

35、easures used by other companies.2 Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.3 Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entit

36、ies within the NIKE Brand geographic operating segments and Converse,but managed through the Companys central foreign exchange risk management program.NIKE,Inc.EARNINGS BEFORE INTEREST AND TAXES1(Unaudited)THREE MONTHS ENDED%SIX MONTHS ENDED%(Dollars in millions)11/30/202411/30/2023Change11/30/20241

37、1/30/2023ChangeNorth America$1,371$1,526 -10%$2,587$2,960 -13%Europe,Middle East&Africa 831 927 -10%1,623 1,857 -13%Greater China 375 514 -27%877 1,039 -16%Asia Pacific&Latin America 460 521 -12%862 935 -8%Global Brand Divisions2(1,133)(1,168)3%(2,360)(2,373)1%TOTAL NIKE BRAND1 1,904 2,320 -18%3,589

38、 4,418 -19%Converse 53 115 -54%174 282 -38%Corporate3(565)(535)-6%(1,107)(1,186)7%TOTAL NIKE,INC.EARNINGS BEFORE INTEREST AND TAXES1 1,392 1,900 -27%2,656 3,514 -24%EBIT margin1 11.3%14.2%11.1%13.3%Interest expense(income),net(24)(22)(67)(56)TOTAL NIKE,INC.INCOME BEFORE INCOME TAXES$1,416$1,922 -26%

39、$2,723$3,570 -24%1 The Company evaluates the performance of individual operating segments based on earnings before interest and taxes(commonly referred to as EBIT),which represents Net income before Interest expense(income),net and Income tax expense.Total NIKE Brand EBIT,Total NIKE,Inc.EBIT and EBI

40、T margin are considered non-GAAP financial measures.Management uses these non-GAAP financial measures when evaluating the Companys performance,including when making financial and operating decisions.Additionally,management believes these non-GAAP financial measures provide investors with additional

41、financial information that should be considered when assessing the Companys underlying business performance and trends.EBIT margin is calculated as total NIKE,Inc.EBIT divided by total NIKE,Inc.Revenues.References to EBIT and EBIT margin should not be considered in isolation or as a substitute for o

42、ther financial measures calculated and presented in accordance with U.S.GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.2 Global Brand Divisions primarily represent demand creation and operating overhead expense,including product creation and design expen

43、ses that are centrally managed for the NIKE Brand,as well as costs associated with NIKE Direct global digital operations and enterprise technology.Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.3 Corpo

44、rate consists primarily of unallocated general and administrative expenses,including expenses associated with centrally managed departments;depreciation and amortization related to the Companys corporate headquarters;unallocated insurance,benefit and compensation programs,including stock-based compensation;and certain foreign currency gains and losses,including certain hedge gains and losses.