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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: kris b who wrote (76281)12/20/2006 11:44:00 PM
From: jimmg  Read Replies (1) of 110194
 
kris, it sounds like your're short nike and are looking for things to be negative about. I would like to go short nike because I hate the company. However, they had a very solid quarter.

1. China and Korea revenue up 30%.
2. Central Europe up 30%.
3. Asia/Pacific up 15%.
4. US up a solid 8%.
5. Inventory growth is not a significant as first blush. Severe weakening of the dollar boosted quarter-end inventories. Constant dollar inventory was up 11% as revenue was up 9%.
6. Nike retail up 11%.
7. Most of the increase in expenses was stock option accounting vs. none last year.
8. Huge stock buybacks and they still have $6 per share net cash.
9. Converse up 50%.

Given that Nike stock is up 25% plus over the past 3 months, I'm not sure if this earnings report is enough to drive the stock much higher in the short run, but this was a very solid quarter. If you can't see that, I think you're being way too pessimistic.
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