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18.03.2021 21:15:00

NIKE, Inc. Reports Fiscal 2021 Third Quarter Results

NIKE, Inc. (NYSE:NKE) today reported fiscal 2021 financial results for its third quarter ended February 28, 2021.

  • Third quarter reported revenues were $10.4 billion, up 3 percent compared to prior year and down 1 percent on a currency-neutral basis* led by Greater China reported revenue growth of 51 percent.
  • NIKE Direct sales were $4.0 billion, up 20 percent on a reported basis, and up 16 percent on a currency-neutral basis.
  • NIKE Brand digital sales increased 59 percent, or 54 percent on a currency-neutral basis, with strong double-digit increases in all geographies.
  • North America reported revenue declined 10 percent due to supply chain challenges, including global container shortages and U.S. port congestion, impacting the flow of inventory and timing of wholesale shipments.
  • Gross margin increased 130 basis points to 45.6 percent.
  • Diluted earnings per share for the quarter was $0.90.

"NIKE continues to deeply connect with consumers all over the world driven by our strong competitive advantages,” said John Donahoe, President & CEO, NIKE, Inc. "Our strategy is working, as we accelerate innovation and create the seamless, premium marketplace of the future. I’ve never been more confident in our leadership and teams to operate with agility in a dynamic environment.”**

Our third quarter revenue performance was impacted by disruption related to the COVID-19 pandemic, particularly in North America and EMEA. North America revenues declined 11 percent on a currency-neutral basis, largely driven by global container shortages and U.S. port congestion, which delayed the flow of inventory in the third quarter by more than three weeks, impacting timing of wholesale shipments, and partially offset by Nike Direct growth of 15 percent. EMEA physical retail sales declined, as 45 percent of NIKE-owned stores experienced mandatory COVID-19 related closures for the last two months of the quarter, however this was partially offset by digital sales, which increased 60 percent. Today, approximately 65 percent of stores in EMEA are open or operating on reduced hours. Greater China revenues increased 42 percent on a currency-neutral basis, which reflects strong double-digit growth versus the third quarter of fiscal year 2019 as we annualize the impact of COVID-19, as well as continued strong digital sales growth of 44 percent versus prior year.

"NIKE's brand momentum is as strong as ever and we are driving focused growth against our largest opportunities,” said Matt Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. "We continue to see the value of a more direct, digitally-enabled strategy, fueling even greater potential for NIKE over the long term.”**

Third Quarter Income Statement Review

  • Revenues for NIKE, Inc. increased 3 percent to $10.4 billion compared to the prior year, down 1 percent on a currency-neutral basis.
    • Revenues for the NIKE Brand were $9.8 billion, a decrease of 2 percent to prior year on a currency-neutral basis, primarily due to declines in our wholesale business caused by timing of shipments due to global container shortages and port congestion delays in the U.S. and mandatory store closures in Europe, which were partially offset by double-digit growth in NIKE Brand Digital and the Jordan Brand.
    • Revenues for Converse were $570 million, up 8 percent on a currency-neutral basis, led by strong digital performance in North America and Europe.
  • Gross margin increased 130 basis points to 45.6 percent, driven by higher full-price product margins due in part to Geography mix, and favorable NIKE Digital mix, partially offset by lower rates in NIKE Direct as we continue to manage inventory levels due to COVID-19 as well as unfavorable changes in foreign currency exchange rates.
  • Selling and administrative expense decreased 7 percent to $3.0 billion.
    • Demand creation expense was $711 million, down 18 percent, primarily due to lower advertising and marketing expense for brand events and our retail operations.
    • Operating overhead expense decreased 3 percent to $2.3 billion, primarily due to lower wage related costs, continued disciplined expense management and lower bad debt expense, partially offset by continued investments in digital capabilities to support the Consumer Direct Acceleration strategy.
  • The effective tax rate was 11.4 percent compared to 3.9 percent for the same period last year, due to decreased benefits from discrete items and a shift in the proportion of earnings taxed in the U.S., in part due to the impact of the COVID-19 pandemic.
  • Net income was $1.4 billion, up 71 percent, and Diluted earnings per share was $0.90, increasing 70 percent, as the prior year included a $0.25 non-cash charge associated with the Company’s committed transition to a strategic distributor model in South America.

February 28, 2021 Balance Sheet Review

  • Inventories for NIKE, Inc. were $6.7 billion, up 15 percent compared to the prior year period, largely driven by higher in-transit inventory in North America due to U.S. port congestion and temporary store closures in EMEA.
  • Cash and equivalents and short-term investments were $12.5 billion, $9.3 billion higher than last year, primarily due to proceeds from a corporate bond issuance in the fourth quarter of last year and positive free cash flow, partially offset by cash dividends.

Shareholder Returns

NIKE continues a strong track record of investing to fuel growth and consistently increasing returns to shareholders, including 19 consecutive years of increasing dividend payouts. In the third quarter, the Company paid dividends of $434 million to shareholders, up 14 percent from the prior year.

During its FY20 fourth quarter, the Company temporarily suspended share repurchase activity in March to maximize liquidity during the COVID-19 pandemic. Prior to the temporary suspension of the share repurchase program, a total of 45.2 million shares had been repurchased under the program for approximately $4.0 billion. The Company expects to resume share repurchases under its existing share repurchase program in the fourth quarter of fiscal 2021.

Conference Call

NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on March 18, 2021, to review fiscal third quarter results. The conference call will be broadcast live via the Internet and can be accessed at http://investors.nike.com. For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, April 8, 2021.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world's 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. subsidiary 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 http://investors.nike.com. Individuals can also visit http://news.nike.com and follow @NIKE.

*

See additional information in the accompanying Divisional Revenues table regarding this non-GAAP financial measure.

**

The marked paragraphs contain forward-looking statements that 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 8-K, 10-Q and 10-K.

NIKE, Inc.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

 

 

THREE MONTHS ENDED

%

NINE MONTHS ENDED

%

(In millions, except per share data)

2/28/2021

 

2/29/2020

 

Change

2/28/2021

 

2/29/2020

 

Change

Revenues

$

10,357

 

$

10,104

 

3

%

$

32,194

 

$

31,090

 

4

%

Cost of sales

5,638

 

5,631

 

0

%

17,887

 

17,202

 

4

%

Gross profit

4,719

 

4,473

 

5

%

14,307

 

13,888

 

3

%

Gross margin

45.6

%

44.3

%

 

44.4

%

44.7

%

 

 

 

 

 

 

 

 

Demand creation expense

711

 

870

 

-18

%

2,117

 

2,769

 

-24

%

Operating overhead expense

2,330

 

2,413

 

-3

%

7,166

 

7,166

 

0

%

Total selling and administrative expense

3,041

 

3,283

 

-7

%

9,283

 

9,935

 

-7

%

% of revenues

29.4

%

32.5

%

 

28.8

%

32.0

%

 

 

 

 

 

 

 

 

Interest expense (income), net

64

 

12

 

—

 

199

 

39

 

—

 

Other (income) expense, net

(22

) 

297

 

—

 

18

 

223

 

—

 

Income before income taxes

1,636

 

881

 

86

%

4,807

 

3,691

 

30

%

Income tax expense

187

 

34

 

450

%

589

 

362

 

63

%

Effective tax rate

11.4

%

3.9

%

 

12.3

%

9.8

%

 

 

 

 

 

 

 

 

NET INCOME

$

1,449

 

$

847

 

71

%

$

4,218

 

$

3,329

 

27

%

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

Basic

$

0.92

 

$

0.54

 

70

%

$

2.68

 

$

2.13

 

26

%

Diluted

$

0.90

 

$

0.53

 

70

%

$

2.62

 

$

2.09

 

25

%

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

Basic

1,578.0

 

1,556.3

 

 

1,570.9

 

1,559.8

 

 

Diluted

1,616.9

 

1,591.6

 

 

1,607.3

 

1,594.6

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.275

 

$

0.245

 

 

$

0.795

 

$

0.710

 

 

NIKE, Inc.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

February 28,

February 29,

% Change

(Dollars in millions)

2021

2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and equivalents

$

8,516

 

$

2,863

 

197

%

Short-term investments

4,012

 

319

 

1,158

%

Accounts receivable, net

3,669

 

4,473

 

-18

%

Inventories

6,693

 

5,807

 

15

%

Prepaid expenses and other current assets

1,810

 

2,282

 

-21

%

Total current assets

24,700

 

15,744

 

57

%

Property, plant and equipment, net

4,958

 

4,783

 

4

%

Operating lease right-of-use assets, net

3,149

 

2,907

 

8

%

Identifiable intangible assets, net

271

 

275

 

-1

%

Goodwill

242

 

223

 

9

%

Deferred income taxes and other assets

2,865

 

2,288

 

25

%

TOTAL ASSETS

$

36,185

 

$

26,220

 

38

%

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

—

 

$

4

 

-100

%

Notes payable

4

 

9

 

-56

%

Accounts payable

2,257

 

2,221

 

2

%

Current portion of operating lease liabilities

470

 

422

 

11

%

Accrued liabilities

5,907

 

5,356

 

10

%

Income taxes payable

256

 

268

 

-4

%

Total current liabilities

8,894

 

8,280

 

7

%

Long-term debt

9,412

 

3,463

 

172

%

Operating lease liabilities

2,964

 

2,758

 

7

%

Deferred income taxes and other liabilities

2,984

 

2,674

 

12

%

Redeemable preferred stock

—

 

—

 

—

 

Shareholders’ equity

11,931

 

9,045

 

32

%

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

36,185

 

$

26,220

 

38

%

NIKE, Inc.

DIVISIONAL REVENUES

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change
Excluding
Currency
Changes1

 

 

 

% Change
Excluding
Currency
Changes1

 

THREE MONTHS ENDED

%

NINE MONTHS ENDED

%

(Dollars in millions)

2/28/2021

 

2/29/2020

 

Change

2/28/2021

 

2/29/2020

 

Change

North America

 

 

 

 

 

 

 

 

Footwear

$

2,382

$

2,628

 

-9

%

-9

%

$

7,851

$

7,723

 

2

%

2

%

Apparel

1,087

 

1,228

 

-11

%

-12

%

3,580

 

4,076

 

-12

%

-12

%

Equipment

95

 

123

 

-23

%

-22

%

364

 

455

 

-20

%

-20

%

Total

3,564

 

3,979

 

-10

%

-11

%

11,795

 

12,254

 

-4

%

-4

%

Europe, Middle East & Africa

 

 

 

 

 

 

 

 

Footwear

1,606

 

1,711

 

-6

%

-11

%

5,139

 

5,005

 

3

%

-1

%

Apparel

898

 

889

 

1

%

-4

%

2,973

 

2,655

 

12

%

8

%

Equipment

105

 

109

 

-4

%

-6

%

365

 

359

 

2

%

0

%

Total

2,609

 

2,709

 

-4

%

-9

%

8,477

 

8,019

 

6

%

2

%

Greater China

 

 

 

 

 

 

 

 

Footwear

1,614

 

1,075

 

50

%

41

%

4,432

 

3,486

 

27

%

23

%

Apparel

616

 

400

 

54

%

44

%

1,775

 

1,428

 

24

%

20

%

Equipment

49

 

31

 

58

%

53

%

150

 

118

 

27

%

24

%

Total

2,279

 

1,506

 

51

%

42

%

6,357

 

5,032

 

26

%

22

%

Asia Pacific & Latin America

 

 

 

 

 

 

 

 

Footwear

903

 

963

 

-6

%

-7

%

2,652

 

2,890

 

-8

%

-5

%

Apparel

365

 

388

 

-6

%

-8

%

1,098

 

1,154

 

-5

%

-2

%

Equipment

47

 

63

 

-25

%

-26

%

135

 

183

 

-26

%

-23

%

Total

1,315

 

1,414

 

-7

%

-8

%

3,885

 

4,227

 

-8

%

-5

%

Global Brand Divisions2

6

 

8

 

-25

%

-32

%

18

 

24

 

-25

%

-27

%

TOTAL NIKE BRAND

9,773

 

9,616

 

2

%

-2

%

30,532

 

29,556

 

3

%

2

%

Converse

570

 

506

 

13

%

8

%

1,609

 

1,541

 

4

%

2

%

Corporate3

14

 

(18

)

—

 

—

 

53

 

(7

)

—

 

—

 

TOTAL NIKE, INC. REVENUES

$

10,357

 

$

10,104

 

3

%

-1

%

$

32,194

 

$

31,090

 

4

%

2

%

 

 

 

 

 

 

 

 

 

TOTAL NIKE BRAND

 

 

 

 

 

 

 

 

Footwear

$

6,505

 

$

6,377

 

2

%

-1

%

$

20,074

 

$

19,104

 

5

%

4

%

Apparel

2,966

 

2,905

 

2

%

-1

%

9,426

 

9,313

 

1

%

0

%

Equipment

296

 

326

 

-9

%

-11

%

1,014

 

1,115

 

-9

%

-9

%

Global Brand Divisions2

6

 

8

 

-25

%

-32

%

18

 

24

 

-25

%

-27

%

TOTAL NIKE BRAND REVENUES

$

9,773

 

$

9,616

 

2

%

-2

%

$

30,532

 

$

29,556

 

3

%

2

%

1 The percent change has 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 financial measure. Management uses this non-GAAP financial measure when evaluating the Company's 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 considered when assessing the Company’s 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 measures 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 entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company’s central foreign exchange risk management program.

NIKE, Inc.

EARNINGS BEFORE INTEREST AND TAXES1

(Unaudited)

 

 

 

 

 

 

 

THREE MONTHS ENDED

%

NINE MONTHS ENDED

%

(Dollars in millions)

2/28/2021

2/29/2020

 

Change

2/28/2021

 

2/29/2020

 

Change

North America

$

970

 

$

937

 

4

%

$

3,295

 

$

2,912

 

13

%

Europe, Middle East & Africa

533

 

575

 

-7

%

1,885

 

1,694

 

11

%

Greater China

973

 

556

 

75

%

2,552

 

1,919

 

33

%

Asia Pacific & Latin America

408

 

387

 

5

%

1,112

 

1,105

 

1

%

Global Brand Divisions2

(852

)

(895

)

5

%

(2,546

)

(2,624

)

3

%

TOTAL NIKE BRAND1

2,032

 

1,560

 

30

%

6,298

 

5,006

 

26

%

Converse

150

 

96

 

56

%

405

 

324

 

25

%

Corporate3

(482

)

(763

)

37

%

(1,697

)

(1,600

)

-6

%

TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES1

1,700

 

893

 

90

%

5,006

 

3,730

 

34

%

Interest expense (income), net

64

 

12

 

—

 

199

 

39

 

—

 

TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES

$

1,636

 

$

881

 

86

%

$

4,807

 

$

3,691

 

30

%

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 and Total NIKE, Inc. EBIT are considered non-GAAP financial measures and are being provided as management believes this additional information should be considered when assessing the Company’s underlying business performance and trends. References to EBIT 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 measures used by other companies.

2 Global Brand Divisions primarily represent demand creation and operating overhead expense, including product creation and design expenses 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 Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s 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. For the three and nine months ended February 28, 2021, Corporate included non-recurring employee termination and related costs associated with the previously announced leadership and operating model changes.

 

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