News; Best Nike Hypervenom Phelon III 3 IC Soccer Shoes White Gold

Published: Wednesday 22 March, 2017

2010 Earnings Call Transcript Good afternoon, everyone. Welcome to Nike Fiscal 2010 Fourth Quarter Conference Call. Leading today call is Kelley Hall, Senior Director of Investor Relations. Before I turn the call over to Ms. Hall, let me remind you that participants on this call will make forward looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in the reports filed with the SEC, including Forms 8 K, 10 K and 10 Q. Some forward looking statements concern future orders that are not necessarily indicative of changes in total revenues for subsequent periods due to mix of futures and at once orders, exchange rate fluctuations, order cancellations, and discounts which may vary significantly from quarter to quarter. In addition, it is important to remember a significant portion of Nike, Inc. business, including equipment, NIKE Golf, Cole Haan, Converse, Hurley, and Umbro, are not included in these future numbers. Finally, participants may discuss non GAAP financial measures. The presentation of comparable GAAP measures and quantitative reconciliations are found at Nike website. Now, I like to turn the call over to Ms. Kelley Hall, Senior Director of Investor Relations. Thank you, operator. Hello, everyone. And thanks for joining us today to discuss Nike fiscal 2010 fourth quarter and full year results. As the operator indicated, participants on today call may discuss non GAAP financial measures. Joining us on today call will be Nike, Inc. CEO, Mark Parker, followed by Charlie Denson, President of the NIKE Brand, and finally, you will hear from our Chief Financial Officer, Don Blair, who will give you an in depth review of our financial results. Following their prepared remarks, we will take your questions. We would like to allow as many of you to ask questions as possible in our allotted time. So we would appreciate you limiting your initial questions to two. In the event you have additional questions that are not covered by others, please feel free to re queue and we will do our best to come back to you. Thanks for your cooperation on this. I will now turn the call over to Nike, Inc. President and CEO, Mark Parker. Thanks, Kelley. And by the way, welcome to your first earnings call. It great to have Kelley at the table in her new role as leader of the Investor Relations team. I want to start by saying how, first of all, very pleased and proud I am of our performance and our team over the past year and the most recent quarter. So it should be a very exciting weekend ahead. A year ago on our Q4 call, I said Nike was not a wait and see company. At the time, that would have been an easy strategy to adopt, in fact a lot of companies chose that path, but I had tremendous confidence in our strategy and the competitive fire of our management team. We weren about to let our core strengths sit idle because innovation and inspiration are not tactics at Nike, they are a way of life. And because we stayed on the offense, we were able to deliver a very strong year in a tough global economy and we did it while increasing momentum for the business throughout the year. So, how we do it? Building on the success of our category offense, we decided to reengineer the company to expand the influence of our brands and people, and to leverage our operational excellence across the portfolio. It was the right thing to do. We energized our key markets with the most innovative product that we ever produced. We forged deeper and more productive relationships with our consumers. Our Retail and Apparel businesses are starting to deliver on their true potential as two of our biggest growth opportunities. And we continue to increase our brand strength and competitive separation and we stronger financially than we ever been before. Our revenue at $19 billion is down 1% from last year but we never been more profitable. EPS and futures are up. Inventories are down. Our affiliate brands, Cole Haan, Converse, Hurley, NIKE Golf and Umbro contributed more than $2 billion in revenue, an increase of 5% over last year and that a record. Revenue from direct to consumer, our Nike owned stores and online business increased 12% to nearly $2.5 billion and that a record. Gross margins came in at 46.3% for year, that a record. And we generated $2.8 billion in free cash flow from operations and now have over $5 billion in cash and short term investments on our balance sheet. Yeah, those are two more records. What those full year numbers don show is that tremendous momentum I mentioned that we generated in the back half of fiscal 2010. In most key markets around the world, our business has strengthened while our major competitors weakened and that a trend we intend to accelerate. That momentum helps us remain highly opportunistic across all of our categories and markets. And I want to be really clear on that point. Our focus on new growth does nothing to minimize our attention or investment in the NIKE Brand and the huge upside we see in both developed and developing categories and markets, quite the opposite, in fact. Our innovative products, brand strength and premium distribution are what drive the entire portfolio. I think we have a great example of leveraging those strengths happening right now in football. Recently, I was at the Champions League Finals in Madrid, and I just returned from the World Cup, both phenomenal events that capture the attention and passion of sports fans throughout the world and Nike presence in global football is truly inspiring. Our success in football shows that strong competition makes us better, in fact, we thrive on it. It driven us to be the biggest and best in the industry. Revenue in Nike, Inc. football was up 39% in Q4 alone and that before the first goal was scored at the World Cup. When you watch a World Cup match, whether you inside the stadium or in front of your TV, you can help but notice the bright orange and purple signature of our boots on the pitch. We developed four distinct silos of performance footwear, our lightest ever and made them all the same vibrant color scheme, unheard of until now. And that iconic product is just the very tip of the complete offense for World Cup we call Write the Future. It the most creative, complete and integrated campaign we ever done. Everything is in play. We have game changing product, athletes and teams, an online community that numbers in the tens of millions and more excitement on the ground than anybody else in the game. And that kind of complete offense is driving record growth and leadership for our football business. We starting to execute at a similar level in the retail side of the business. We did it with Nike owned retail stores in Harajuku and Beijing. We did it with our multi branded Action Sports stores in Southern California. We did it with partners in category Nike Hypervenom Phelon III destinations like House of Hoops at Foot Locker, The Field House at Dick and The Running Lab at Finish Line. And we did it online, where we saw record growth to over $260 million in revenue, which is up 25% for the year. And that includes NIKEiD, our online custom design app, which surpassed $100 million for the first time.

But as we said before, we not interested in any kind of growth just the good kind. And we put a lot of focus on fine tuning our operational excellence. We expanded our focus on lean manufacturing in footwear and apparel. We consolidated our factory base of partners. targeted to open in just a few months in China. In short, we delivered a solid year in some very tough conditions and I proud of the work we did in fiscal 2010. And now, we move into the new fiscal year. Nobody is out of the woods yet. We sure to face more challenges as unemployment, input costs, foreign currency and market volatility play themselves out. We can control the global economy but as we demonstrated time and time again, the things we can control will continue to serve us, just as they did in fiscal 2010. The NIKE Brand will always be our greatest competitive advantage. It the source of our most advanced R It delivers insight and scale and leverage to every Nike, Inc. Nike Hypervenom Phelon III 3 IC Soccer Shoes White Gold brand and business. It the source of our culture and personality that connect so strongly with consumers around the world. The NIKE Brand is a source of instant credibility and opportunity that we never take for granted.

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