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Non-Tech : Nike
NKE 60.72-0.3%11:31 AM EST
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To: Duker who wrote (2338)6/29/1999 4:57:00 PM
From: Duker  Read Replies (2) of 2403
 
Interesting Cross-Currents from the FINL release:

... Mr. Cohen stated, ''Although apparel sales continued to be significantly off plan and very promotional, improvement in footwear allowed us to slightly exceed the street estimates with a $.15 EPS reported for the quarter. Slower sales affected occupancy costs and our SG&A costs both of which increased significantly as a percent to sales. During the quarter, footwear comparable store sales were flat, but the apparel/accessories category continued to decline with a 21% decrease. As we alerted in previous quarters, the apparel fashion trends appear to have moved away from the athletic brands to other contemporary brands, which is evident by the continued sales strength of many non-athletic specialty retailers. Although the apparel/accessory category was highly promotional, footwear margins were strong producing an increase of 20 basis points in overall product margins.

--Duker

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