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Athletic foot ware and accessories giant Nike Inc. (NKE) will be reporting its fiscal third quarter results tomorrow after the market closes.Going into tomorrow's earnings report, analysts are expecting the company to report $0.88 per share, down 11.1% from the same period last year.
The economic downturn hit the company's sales, but last quarter it stated that it was starting to see a turnaround in sales and consumer sentiment. Wall Street will be looking for further signs that sales are starting to improve for company.
Nike probably got a nice boost in sales from all of its exposure during the winter Olympics. It will also get a lot of global exposure from the World Cup Soccer Tournament that will be taking place later this year.
While the Olympics and World Cup give the company a boost, no one really knows for sure yet just how people reacted to the Tiger Woods scandal and Nike's support of its superstar golfer. The Wood's scandal broke back in late November, so this is the first full quarter since his auto accident led to a public relations meltdown for America's favorite golfer.
While many of Wood's big name sponsors distanced themselves from the athlete, Nike stood by their man, but has been very quiet about what impact the incident is expected to have on its bottom line. Wood's recently announced that he would be returning to golf next month to take place in the Masters Golf Tournament, and it will be very interesting to see just how the crowd reacts to his presence on the greens.
The company has outpaced analyst estimates during each of its last 10 quarters. Will the company be able to do it again, or will the two and a half year streak finally come to an end? We will find out tomorrow following the market close.
What are your predictions? Another strong quarter for the company? What impact, if any, do you think the Tiger Wood's sex scandal will have on the company's bottom line?
Shares of Nike closed the day down $0.01 to $70.38.
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Reader Comments (Page 1 of 1)
3-16-2010 @ 8:39PM
michael mayers said...
tiger woods is a commodity as much as i admire nike buisness savvy i dont agree with them dropping him
3-16-2010 @ 11:18PM
copy222 said...
Make money in 2010. Buy Ford stock.
3-17-2010 @ 8:04AM
alimaamoser said...
I have this accounting assignment due soon and I need to do the following questions but have no idea how to do accounting!
1) Schwinghamer Ent. had a capital balance of $168,000 at the beginning of the period. At the end of the accounting period, the capital balance was $198,000.
a) If there were no additional investments or withdrawals, what is the net income for the period?
b) Assuming there was an additional investment of $8000 but no withdrawals, what is the net income for the period?
c) Assuming there was an additional investment of $10,000 and a withdrawal of $5000, what is the net income for the period?
2) The following items were taken from a recent balance sheet of NIKE Inc. NIKE is the largest seller of athletic apparal in the world.
Accounts Payable: $843.90
Accounts receivable $2,262.1
Cash 1,388.1
Inventories: 1,811.1
Investments 436.6
Land, bukldings and equipment: 1,605,8
Notes Payable: 763.3
Other Assets: 1,289.9
Other L ... More g of the period. At the end of the accounting period, the capital balance was $198,000.
a) If there were no additional investments or withdrawals, what is the net income for the period?
b) Assuming there was an additional investment of $8000 but no withdrawals, what is the net income for the period?
c) Assuming there was an additional investment of $10,000 and a withdrawal of $5000, what is the net income for the period?
2) The following items were taken from a recent balance sheet of NIKE Inc. NIKE is the largest seller of athletic apparal in the world.
Accounts Payable: $843.90
Accounts receivable $2,262.1
Cash 1,388.1
Inventories: 1,811.1
Investments 436.6
Land, bukldings and equipment: 1,605,8
Notes Payable: 763.3
Other Assets: 1,289.9
Other Liabilities: 1,542.2
Retained Earnings: 4,396.5
Share Capital: 1,247.7
a)Show the amounts in NIKE's accounting equation by calculating the value of NIKE's total assets, total liabilities and total shareholder's equity.