cheapbag214s
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Posted: Tue 13:23, 03 Sep 2013 Post subject: Nike unaffected |
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Nike unaffected,[link widoczny dla zalogowanych]
COCA-Cola and Nike,[link widoczny dla zalogowanych], the fizzy drinks and trainers giants,[link widoczny dla zalogowanych], yesterday revealed that trading is good even if all around them US businesses are issuing profits warnings and spreading gloom.
Consumer passion for going running and drinking a combination of water and sugar afterwards is undimmed by the seemingly unavoidable slide into recession,[link widoczny dla zalogowanych].
Nike,[link widoczny dla zalogowanych], the Oregon-based business which controls about 40pc of the US athletic shoe market,[link widoczny dla zalogowanych], said yesterday that fourth quarter earnings rose by a third. Income was $163m ( or 60 cents a share,[link widoczny dla zalogowanych], compared with $126m and 46 cents a share one year ago.
The company beat the estimates of Wall Street analysts - the first time for weeks a major company has managed to exceed expectations.
This week,[link widoczny dla zalogowanych], even stockbroking and banking giant Merrill Lynch was forced to warn it would get nowhere near analysts' hopes for its profits.
Investors were so surprised by Nike's figures that they sold the shares anyway in early trading,[link widoczny dla zalogowanych], forcing the stock down a few cents to $41.75.
Nike,[link widoczny dla zalogowanych], which makes shoes for many leading athletes including basketball's Michael Jordan and golfer Tiger Woods,[link widoczny dla zalogowanych], saw revenues up from $2.3 billion to $2.5 billion despite the increasing fashion among teenagers for hiking boots instead of soft trainers.
The company also benefited from lower marketing expenses after last summer's huge promotion at the Sydney Olympics,[link widoczny dla zalogowanych].
Coca-Cola,[link widoczny dla zalogowanych], the biggest soft drink company in the world,[link widoczny dla zalogowanych], admits the strength of the dollar will hurt earnings but is still predicting sales growth of 4pc for its second quarter. It will release exact numbers in mid-July.
Coca-Cola is likely to produce most growth in Asia and Africa,[link widoczny dla zalogowanych], yet despite its dominance in the US still expects sales to grow strongly in North America.
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