Nike Message Board - Msg: 11280201

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Non-Tech : Nike

NKE 60.93

+1.6%

Dec 26 9:30 AM EST

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To: IBMikey who wrote (2345)	9/17/1999 9:48:00 AM
From: Duker	Read Replies (1) of 2403

Thoughts on the Quarter: Sounded pretty solid during the call last night. A good quarter (for what that is worth) ... and they seemed pretty optimistic about the year ahead. Don't read too much into the futures numbers, as cancellation rates have dropped Y/Y and the company is now breaking the year down to three seasons, with two drops per season (so, in essence, 6 drops per season). This has the effect of lopping-off one month of Spring in this future number ... a much more robust sales period than the winter/Holidays. Overall, inventories seem better (APAC up to 5 turns from 3!) ... especially in Int'l Apparel. Gross Margins up 103bpts -- now with some more room versus prior guidance of +50bpts. for the year ... Sell through has been strong ... and very strong in the last couple of weeks for Back-to-School. The challenge remains in US Apparel. The Auto-Replenish Program is taking a bite out of US Apparel futures They had the 'nice problem' of higher Air Freight Costs in the US ... which bodes well for demand, but cut about 2 cents off the earnings number (my calculation) ... this 2 cents offsets the lower tax rate (as a result of the restructuring ... some lower state taxes). Overall, things look good and are getting better ... though that doesn't mean that anyone cares about this thread. --Duker

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