cheapbag214s
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 Posted: Sun 12:28, 18 Aug 2013 Post subject: Nike stock hits highest level ever |
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Nike stock hits highest level ever,[link widoczny dla zalogowanych]
Nike Inc.,[link widoczny dla zalogowanych], the world's largest maker of athletic shoes, rose on Friday to the highest since the company went public in 1980 after profit beat some analysts' estimates and orders in North America and China surged.
Net income rose to $559 million ($1.14 per share) in the period that ended Aug. markets closed. Analysts estimated profit of $1,[link widoczny dla zalogowanych], the average of 16 estimates.
Nike's per-share profit excluding one-time items has beaten the average analyst estimate for 17 straight quarters,[link widoczny dla zalogowanych], according to Bloomberg data. Global orders for Nike brand shoes and clothes for delivery between September and January grew 13 percent,[link widoczny dla zalogowanych], excluding currency effects. Analysts expected 9.7 percent, the average of seven estimates in a Bloomberg survey.
"We're looking at a continued healthy recovery,[link widoczny dla zalogowanych]," Chief Executive Officer said Thursday in a conference call with analysts. "I still contend (there will be) a slow, steady state of recovery. I don't see dramatic shifts in that course at this stage."
Nike gained $1.90, or 2.4 percent, to $79.57 in New York Stock Exchange composite trading. That was the highest closing price since its initial public offering in December 1980. The stock has climbed 20 percent this year.
"People are paying for really high quality names and paying a premium,[link widoczny dla zalogowanych], and they are paying a premium for this, that's for sure,[link widoczny dla zalogowanych]," said , an analyst for in New York,[link widoczny dla zalogowanych], who has a neutral rating on Nike shares. "The stock is pricey still,[link widoczny dla zalogowanych], but they are certainly executing. I'll hand it to them, they did a nice job."
Revenue from the Nike brand in North America,[link widoczny dla zalogowanych], the company's largest market,[link widoczny dla zalogowanych], increased 8 percent to $1.9 billion as apparel sales rose 16 percent to $515 million. Orders grew 14 percent, excluding currency changes, the third straight gain.
Sales of the Nike brand in China rose 11 percent to $460 million,[link widoczny dla zalogowanych], driven by revenue from basketball shoes, the company said. Orders, excluding the effects of currency changes, in the world's most populous country surged 23 percent.
"As consumers are getting wealthier here they are buying special items for the gym,[link widoczny dla zalogowanych], for the weekend, for going out,[link widoczny dla zalogowanych]," , managing director of in Shanghai, said in a phone interview. "Nike is doing the best because they have the best brand loyalty."
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