The US giant saw fourth quarter revenues increase by 17 percent to $3.5bn, compared to $3bn in the same period in 2003.
Fourth quarter net income totalled $305m, or $1.13 per diluted share, compared to $246.2m, or $0.92 per diluted share in the prior year.
Said Philip H. Knight, chairman and CEO of Nike: “It was a great year for the Nike brand around the world, complemented by outstanding results across our brand portfolio and the acquisition of Converse.
“We managed the business well, recording our highest gross margins ever and generating tremendous cash flow. But, most importantly, we focused on doing what we do best: creating energy and excitement through innovative new products and strong connections with consumers. As a result,
Nike, Inc. posted its strongest revenue and earnings per share growth in five years, delivering 15 and 27 percent increases, respectively.
“It was also a great year for Nike shareholders. Nike's stock price increased 27 percent for fiscal year 2004. During the year we raised our quarterly dividend over 40 percent, and in the fourth quarter, we completed our four- year $1bn share repurchase programme. Over the past four years, Nike has returned $ 1.6bn to shareholders through share repurchases and dividends. And I'm pleased to announce that our board has authorised a new four-year, $1.5bn share repurchase programme, reflecting confidence in our ability to continue to deliver strong cash flows in the
future."
Courtesy of booming sales, sportswear giant Nike has posted strong fourth quarter finance figures – with profits up 24 percent.
