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NIKE, Inc. Reports Fiscal 2021 Fourth Quarter and Full Year Results

BEAVERTON, Ore. --(BUSINESS WIRE)-- NIKE, Inc. (NYSE:NKE) today reported financial results for its fiscal 2021 fourth quarter and full year ended May 31, 2021 .

Fourth quarter reported revenues were $12.3 billion , up 96 percent compared to prior year and increasing 21 percent compared to the fourth quarter of 2019.
Full year reported revenues increased 19 percent to $44.5 billion .
NIKE Direct fourth quarter sales increased 73 percent to $4.5 billion .
Gross margin for the fourth quarter increased 850 basis points to 45.8 percent.
Diluted earnings per share for the fourth quarter was $0.93 and for the full year was $3.56 .

“NIKE’s strong results this quarter and full fiscal year demonstrate NIKE’s unique competitive advantage and deep connection with consumers all over the world,” said John Donahoe , President & CEO, NIKE, Inc. “FY21 was a pivotal year for NIKE as we brought our Consumer Direct Acceleration strategy to life across the marketplace. Fueled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for NIKE’s long-term growth.” *

Our fourth quarter revenue growth was led by higher wholesale shipments due to the annualization of COVID-19 related physical retail closures in the prior year in North America , EMEA and APLA. As physical retail re-opened, NIKE Brand Digital continued to deliver strong revenue growth of 41 percent versus prior year and 147 percent compared to the fourth quarter of 2019.

North America delivered record revenues, up 141 percent on a reported basis for the fourth quarter, up 29 percent compared to the fourth quarter of 2019, including increased wholesale revenue due to delayed shipments from the previous quarter. As markets re-opened and sport returned, North America Digital growth continued to be strong, increasing 54 percent versus prior year and 177 percent compared to the fourth quarter of 2019.

EMEA’s fourth quarter reported revenues increased 124 percent, up 21 percent compared to the fourth quarter of 2019, despite temporary COVID-19 related store closures throughout the quarter. As physical retail was temporarily closed, EMEA Digital fourth quarter sales increased 40 percent, or 170 percent compared to the fourth quarter of 2019. Today, approximately 99 percent of stores in EMEA are open or operating on reduced hours.

Our full year NIKE, Inc. revenues increased 19 percent on a reported basis or 14 percent compared to fiscal year 2019, reflecting growth across all Geographies and Converse, including seven consecutive years of double-digit, currency-neutral** growth for our Greater China business.

“NIKE’s brand momentum is a testament to our authentic consumer connections, digital strength and continued operational execution,” said Matt Friend , Executive Vice President and Chief Financial Officer, NIKE, Inc. “As we advance our consumer-led digital transformation, we are building a new financial model that will continue to fuel long-term sustainable, profitable growth for NIKE.” *

Fourth Quarter Income Statement Review

Revenues for the NIKE Brand were $11.8 billion , up 88 percent to prior year on a currency-neutral basis, driven by triple-digit growth in our wholesale business and strong double-digit growth in NIKE Direct.
Revenues for Converse were $596 million , up 85 percent on a currency-neutral basis, led by strong marketplace demand in North America and Western Europe .
Gross margin increased 850 basis points to 45.8 percent, primarily due to annualizing the impacts of COVID-19 including lower factory cancellation charges, lower inventory obsolescence reserves as well as the favorable rate impact of supply chain fixed costs on a higher volume of wholesale shipments. The increase in gross margin also reflects favorable margins in our NIKE Direct business.
Demand creation expense was $997 million , up 21 percent, primarily due to the return of sport and brand events driving increased advertising and marketing expense as well as digital marketing investments.
Operating overhead expense increased 16 percent to $2.7 billion , due to an increase in wage-related expenses, higher strategic technology investments and NIKE Direct variable costs, partially offset by lower bad debt expense.
The effective tax rate was 18.6 percent compared to 1.7 percent for the same period last year, caused by a change in the proportion of earnings taxed in the U.S. related to recovery from the impact of COVID-19 and decreased benefits from discrete items.
Net income was $1.5 billion , and Diluted earnings per share was $0.93 compared to a net loss for the fourth quarter of 2020 of $790 million and a net loss per share of $0.51 .

Fiscal 2021 Income Statement Review

Revenues for the NIKE Brand were $42.3 billion , up 17 percent on a currency-neutral basis, driven by growth across NIKE Direct and wholesale, double-digit growth across footwear and apparel, with growth led by Sportswear and the Jordan Brand.
NIKE Direct revenues were $16.4 billion , up 32 percent, or 30 percent on a currency-neutral basis, led by 64 percent, or 60 percent on a currency-neutral basis, growth in NIKE Brand Digital, with all geographies growing strong double-digits. Despite temporary store closures across the marketplace due to COVID-19, comparable store sales grew 4 percent.
Revenues for Converse were $2.2 billion , up 16 percent on a currency-neutral basis, led by strong double-digit sales growth in our digital business.
Gross margin increased 140 basis points to 44.8 percent, primarily due to annualizing the impacts of COVID-19 including lower factory cancellation charges, lower inventory obsolescence reserves as well as the favorable rate impact of supply chain fixed costs on a higher volume of wholesale shipments. The increase in gross margin also reflects higher full-price product margins across wholesale and NIKE Direct.
Demand creation expense was $3.1 billion , down 13 percent to prior year, primarily due to lower marketing and advertising expenses for our brand events and retail operations, as well as lower sports marketing expenses as sporting events were postponed due to COVID-19. This activity was partially offset by higher digital marketing investments.
Operating overhead expense increased 4 percent to $9.9 billion due to an increase in strategic technology investments, higher NIKE Direct variable costs and approximately $260 million in restructuring-related costs, partially offset by lower bad debt expense and lower travel and related expenses.
The effective tax rate was 14 percent, compared to 12.1 percent for the same period last year, due to decreased benefits from discrete items such as stock-based compensation.
Net income was $5.7 billion , and Diluted earnings per share was $3.56 , up 123 percent.

May 31, 2021 Balance Sheet Review

Inventories for NIKE, Inc. were $6.9 billion , down 7 percent compared to the prior year period, driven by strong consumer demand as we return to healthy inventory levels across markets closed in the prior year due to COVID-19.
Cash and equivalents and short-term investments were $13.5 billion , $4.7 billion higher than last year, primarily due to proceeds from net income partially offset by cash dividends.

Shareholder Returns

NIKE has a strong track record of investing to fuel growth and consistently increasing returns to shareholders through dividends and share repurchases, including 19 consecutive years of increasing dividend payouts. In fiscal 2021, the Company returned approximately $2.3 billion to shareholders, including:

Dividends of $1.6 billion , compared with $1.5 billion in fiscal 2020.
Share repurchases totaling approximately $650 million for fiscal 2021, reflecting 4.9 million shares retired as part of the four-year, $15 billion program approved by the Board of Directors in June 2018 .

During the fourth quarter of 2021, NIKE, Inc. resumed share repurchase activity. As of May 31, 2021 , a total of 50 million shares for $4.7 billion had been repurchased under this program.

Conference Call

NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on June 24, 2021 , to review fiscal fourth quarter and full year results. The conference call will be broadcast live via the Internet and can be accessed at http://investors.nike.com . For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT , July 15, 2021 .

About NIKE, Inc.

NIKE, Inc. , based near Beaverton, Oregon , is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE , Inc.’s earnings releases and other financial information are available on the Internet at http://investors.nike.com . Individuals can also visit http://news.nike.com and follow @NIKE.

*	The marked paragraphs contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K.
**	See additional information in the accompanying Divisional Revenues table or the Supplemental NIKE Brand Revenue table regarding this non-GAAP financial measure.



(Unaudited)



(In millions, except per share data)
Revenues	$	12,344			$	6,313			96	%	$	44,538		$	37,403		19	%
Cost of sales	6,689				3,960				69	%	24,576			21,162			16	%
Gross profit	5,655				2,353				140	%	19,962			16,241			23	%
Gross margin	45.8			%	37.3			%			44.8		%	43.4		%

Demand creation expense	997				823				21	%	3,114			3,592			-13	%
Operating overhead expense	2,745				2,368				16	%	9,911			9,534			4	%
Total selling and administrative expense	3,742				3,191				17	%	13,025			13,126			-1	%
% of revenues	30.3			%	50.5			%			29.2		%	35.1		%

Interest expense (income), net	63				50				—		262			89			—
Other (income) expense, net	(4		)		(84		)		—		14			139			—
Income (loss) before income taxes	1,854				(804		)		331	%	6,661			2,887			131	%
Income tax expense (benefit)	345				(14		)		2,564	%	934			348			168	%
Effective tax rate	18.6			%	1.7			%			14.0		%	12.1		%



Earnings (loss) per common share:
Basic	$	0.96			$	(0.51	)		288	%	$	3.64		$	1.63		123	%
Diluted	$	0.93			$	(0.51	)		282	%	$	3.56		$	1.60		123	%

Weighted average common shares outstanding:
Basic	1,579.0				1,555.7						1,573.0			1,558.8
Diluted	1,614.9				1,555.7						1,609.4			1,591.6

Dividends declared per common share	$	0.275			$	0.245					$	1.070		$	0.955



(Unaudited)

	,		,
(Dollars in millions)
ASSETS
Current assets:
Cash and equivalents	$	9,889	$	8,348	18	%
Short-term investments	3,587		439		717	%
Accounts receivable, net	4,463		2,749		62	%
Inventories	6,854		7,367		-7	%
Prepaid expenses and other current assets	1,498		1,653		-9	%
Total current assets	26,291		20,556		28	%
Property, plant and equipment, net	4,904		4,866		1	%
Operating lease right-of-use assets, net	3,113		3,097		1	%
Identifiable intangible assets, net	269		274		-2	%
Goodwill	242		223		9	%
Deferred income taxes and other assets	2,921		2,326		26	%

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	—	$	3	-100	%
Notes payable	2		248		-99	%
Accounts payable	2,836		2,248		26	%
Current portion of operating lease liabilities	467		445		5	%
Accrued liabilities	6,063		5,184		17	%
Income taxes payable	306		156		96	%
Total current liabilities	9,674		8,284		17	%
Long-term debt	9,413		9,406		0	%
Operating lease liabilities	2,931		2,913		1	%
Deferred income taxes and other liabilities	2,955		2,684		10	%
Redeemable preferred stock	—		—		—
Shareholders’ equity	12,767		8,055		58	%
’



(Unaudited)



(Dollars in millions)

Footwear	$	3,793		$	1,606		136	%	136	%	$	11,644	$	9,329		25	%	25	%
Apparel	1,448			563			157	%	156	%	5,028		4,639			8	%	8	%
Equipment	143			61			134	%	132	%	507		516			-2	%	-2	%
Total	5,384			2,230			141	%	141	%	17,179		14,484			19	%	19	%
, Middle East & Africa
Footwear	1,831			887			106	%	90	%	6,970		5,892			18	%	13	%
Apparel	1,023			398			157	%	137	%	3,996		3,053			31	%	25	%
Equipment	125			43			191	%	172	%	490		402			22	%	19	%
Total	2,979			1,328			124	%	107	%	11,456		9,347			23	%	17	%

Footwear	1,316			1,149			15	%	6	%	5,748		4,635			24	%	19	%
Apparel	572			468			22	%	13	%	2,347		1,896			24	%	19	%
Equipment	45			30			50	%	34	%	195		148			32	%	26	%
Total	1,933			1,647			17	%	9	%	8,290		6,679			24	%	19	%
& Latin America
Footwear	1,007			559			80	%	75	%	3,659		3,449			6	%	8	%
Apparel	396			211			88	%	80	%	1,494		1,365			9	%	10	%
Equipment	55			31			77	%	74	%	190		214			-11	%	-9	%
Total	1,458			801			82	%	76	%	5,343		5,028			6	%	8	%
	7			6			17	%	24	%	25		30			-17	%	-17	%

Converse	596			305			95	%	85	%	2,205		1,846			19	%	16	%
Corporate3	(13		)	(4		)	—		—		40		(11		)	—		—
REVENUES


Footwear	$	7,947		$	4,201		89	%	83	%	$	28,021	$	23,305		20	%	18	%
Apparel	3,439			1,640			110	%	101	%	12,865		10,953			17	%	15	%
Equipment	368			165			123	%	113	%	1,382		1,280			8	%	7	%
Global Brand Divisions2	7			6			17	%	24	%	25		30			-17	%	-17	%

1 The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company’s underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.
2 Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
3 Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company’s central foreign exchange risk management program.



(Unaudited)


(Dollars in millions)

Sales to Wholesale Customers	$	25,898	$	23,156	12	%	10	%
Sales through NIKE Direct	16,370		12,382		32	%	30	%
Global Brand Divisions2	25		30		-17	%	-17	%



Sales to Wholesale Customers	$	25,898	$	23,156	12	%	10	%
Sales from our Wholesale Operations to NIKE Direct Operations	9,872		7,452		32	%	30	%



Men’s	$	18,883	$	16,694	13	%	11	%
Women’s	8,555		6,999		22	%	20	%
NIKE Kids’	5,884		5,033		17	%	15	%
Others4	2,448		1,882		30	%	26	%



Running	$	3,987	$	3,830	4	%	3	%
NIKE Basketball	1,692		1,508		12	%	10	%
Jordan Brand	4,711		3,609		31	%	28	%
Football (Soccer)	1,682		1,575		7	%	4	%
Training	2,907		2,688		8	%	7	%
Sportswear	15,053		12,285		23	%	20	%
Others5	5,738		5,113		12	%	11	%

1 The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company’s underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.
2 Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
3 References to NIKE Brand wholesale equivalent revenues, which are considered non-GAAP financial measures, are intended to provide context as to the total size of the Company’s NIKE Brand market footprint if it had no NIKE Direct operations. NIKE Brand wholesale equivalent revenues consist of 1) sales to external wholesale customers and 2) internal sales from the Company’s wholesale operations to its NIKE Direct operations which are charged at prices that are comparable to prices charged to external wholesale customers.
4 Others include all unisex products, equipment and other products not allocated to Men’s, Women’s and NIKE Kids’, as well as certain adjustments that are not allocated to products designated by gender or age.
5 Others include all other categories and certain adjustments that are not allocated at the category level.



(Unaudited)



(Dollars in millions)
North America	$	1,794			$	(13	)		13,900	%	$	5,089			$	2,899			76	%
Europe, Middle East & Africa	550				(153		)		459	%	2,435				1,541				58	%
Greater China	691				571				21	%	3,243				2,490				30	%
Asia Pacific & Latin America	418				79				429	%	1,530				1,184				29	%
Global Brand Divisions2	(1,110		)		(844		)		-32	%	(3,656		)		(3,468		)		-5	%
1
Converse	138				(27		)		611	%	543				297				83	%
Corporate3	(564		)		(367		)		-54	%	(2,261		)		(1,967		)		-15	%
EARNINGS (LOSS) BEFORE INTEREST AND TAXES1
% of revenues	15.5			%	(11.9		)	%			15.5			%	8.0			%
Interest expense (income), net	63				50				—		262				89				—
INCOME (LOSS) BEFORE INCOME TAXES
1 The Company evaluates the performance of individual operating segments based on earnings before interest and taxes (commonly referred to as “EBIT”), which represents net income before interest expense (income), net and income tax expense. Total NIKE Brand EBIT and Total NIKE, Inc. EBIT are considered non-GAAP financial measures and are being provided as management believes this additional information should be considered when assessing the Company’s underlying business performance and trends. References to EBIT should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.
2 Global Brand Divisions primarily represent demand creation and operating overhead expense, including product creation and design expenses that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.
3 Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses. For the three and twelve months ended May 31, 2021, Corporate included non-recurring employee termination and related costs associated with the previously announced leadership and operating model changes.

View source version on businesswire.com : https://www.businesswire.com/news/home/20210624005975/en/

Investor Contact: Andy Muir (971) 473-3143

Media Contact: KeJuan Wilkins (971) 473-2556

Source: NIKE, Inc. NKE

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The Unique Burial of a Child of Early Scythian Time at the Cemetery of Saryg-Bulun (Tuva)

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Pages: 379-406

In 1988, the Tuvan Archaeological Expedition (led by M. E.вЂЇKilunovskaya and V. A.вЂЇSemenov) discovered a unique burial of the early Iron Age at Saryg-Bulun in Central Tuva. There are two burial mounds of the Aldy-Bel culture dated by 7th century BC. Within the barrows, which adjoined one another, forming a figure-of-eight, there were discovered 7 burials, from which a representative collection of artifacts was recovered. Burial 5 was the most unique, it was found in a coffin made of a larch trunk, with a tightly closed lid. Due to the preservative properties of larch and lack of air access, the coffin contained a well-preserved mummy of a child with an accompanying set of grave goods. The interred individual retained the skin on his face and had a leather headdress painted with red pigment and a coat, sewn from jerboa fur. The coat was belted with a leather belt with bronze ornaments and buckles. Besides that, a leather quiver with arrows with the shafts decorated with painted ornaments, fully preserved battle pick and a bow were buried in the coffin. Unexpectedly, the full-genomic analysis, showed that the individual was female. This fact opens a new aspect in the study of the social history of the Scythian society and perhaps brings us back to the myth of the Amazons, discussed by Herodotus. Of course, this discovery is unique in its preservation for the Scythian culture of Tuva and requires careful study and conservation.

Keywords: Tuva, Early Iron Age, early Scythian period, Aldy-Bel culture, barrow, burial in the coffin, mummy, full genome sequencing, aDNA

Information about authors: Marina Kilunovskaya (Saint Petersburg, Russian Federation). Candidate of Historical Sciences. Institute for the History of Material Culture of the Russian Academy of Sciences. Dvortsovaya Emb., 18, Saint Petersburg, 191186, Russian Federation E-mail: [email protected] Vladimir Semenov (Saint Petersburg, Russian Federation). Candidate of Historical Sciences. Institute for the History of Material Culture of the Russian Academy of Sciences. Dvortsovaya Emb., 18, Saint Petersburg, 191186, Russian Federation E-mail: [email protected] Varvara Busova (Moscow, Russian Federation). (Saint Petersburg, Russian Federation). Institute for the History of Material Culture of the Russian Academy of Sciences. Dvortsovaya Emb., 18, Saint Petersburg, 191186, Russian Federation E-mail: [email protected] Kharis Mustafin (Moscow, Russian Federation). Candidate of Technical Sciences. Moscow Institute of Physics and Technology. Institutsky Lane, 9, Dolgoprudny, 141701, Moscow Oblast, Russian Federation E-mail: [email protected] Irina Alborova (Moscow, Russian Federation). Candidate of Biological Sciences. Moscow Institute of Physics and Technology. Institutsky Lane, 9, Dolgoprudny, 141701, Moscow Oblast, Russian Federation E-mail: [email protected] Alina Matzvai (Moscow, Russian Federation). Moscow Institute of Physics and Technology. Institutsky Lane, 9, Dolgoprudny, 141701, Moscow Oblast, Russian Federation E-mail: [email protected]

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Investor News Details

Nike, inc. reports fiscal 2022 first quarter results.

BEAVERTON, Ore.--(BUSINESS WIRE)-- NIKE, Inc. (NYSE:NKE) today reported fiscal 2022 financial results for its first quarter ended August 31, 2021.

First quarter reported revenues were $12.2 billion, up 16 percent compared to prior year and up 12 percent on a currency-neutral basis.*
NIKE Direct sales were $4.7 billion, up 28 percent on a reported basis and up 25 percent on a currency-neutral basis.
NIKE Brand Digital sales increased 29 percent, or 25 percent on a currency-neutral basis.
Gross margin increased 170 basis points to 46.5 percent.
Diluted earnings per share for the quarter was $1.16, up 22 percent.

“NIKE’s strong results this quarter are continued proof of our deep consumer connections, unrelenting innovation pipeline and a digital advantage that fuels our brand momentum,” said John Donahoe, President and CEO, NIKE, Inc. “We have the right playbook to navigate macroeconomic dynamics, as we create value through our relentless drive to fuel the future of sport.”**

First Quarter revenues increased 12 percent, on a currency-neutral basis, with growth across all channels, led by NIKE Direct growth of 25 percent. Contributing to NIKE Direct growth was the steady normalization of owned physical retail, which grew 24 percent, exceeding pre-pandemic levels from the first quarter of fiscal 2020. NIKE Brand Digital business continued strong growth, increasing by 25 percent, led by North America growth of 43 percent.

“NIKE is a growth company with a market opportunity as large as it's ever been,” said Matt Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. “Our Q1 results illustrate how NIKE’s Consumer Direct Acceleration strategy continues to fuel growth and transform our long-term financial model.”**

First Quarter Income Statement Review

Revenues for the NIKE Brand were $11.6 billion, an increase of 12 percent to prior year on a currency-neutral basis, led by NIKE Direct double-digit growth in North America, APLA and EMEA.
Revenues for Converse were $629 million, up 7 percent on a currency-neutral basis, led by performance in Direct to consumer in both North America and Europe.
Gross margin increased 170 basis points to 46.5 percent, led by margin expansion in our NIKE Direct business, a higher mix of full-price sales and favorable changes in foreign currency exchange rates, partially offset by higher product costs primarily due to increased freight costs.
Demand creation expense was $918 million, up 36 percent, primarily due to normalization of spend against brand campaigns as we annualize marketplace closures in the prior year, as well as continued investments in digital marketing to support heightened digital demand.
Operating overhead expense increased 15 percent to $2.7 billion, primarily due to an increase in wage-related expenses, higher strategic technology investments and NIKE Direct variable costs.
The effective tax rate for the quarter was 11.0 percent compared to 11.5 percent for the same period last year, due to increased benefits from stock-based compensation and discrete items, offset by a shift in our earnings mix.
Net income was $1.9 billion, up 23 percent, and Diluted earnings per share was $1.16, increasing 22 percent.

August 31, 2021 Balance Sheet Review

Inventories for NIKE, Inc. were $6.7 billion, flat compared to the prior year period, driven by strong consumer demand during the quarter, offset by elevated in-transit inventories due to extended lead times from ongoing supply chain disruptions.
Cash and equivalents and short-term investments were $13.7 billion, up approximately $4.2 billion from last year, due to strong free cash flow generation, partially offset by cash dividends and share repurchases.

Shareholder Returns

NIKE continues to have a strong track record of investing to fuel growth and consistently increasing returns to shareholders, including 19 consecutive years of increasing dividend payouts. In the first quarter, NIKE returned approximately $1.2 billion to shareholders, including:

Dividends of $435 million, up 13 percent from the prior year.
Share repurchases of $742 million for the quarter, reflecting 4.8 million shares retired as part of the four-year, $15 billion program approved by the Board of Directors in June 2018. As of August 31, 2021, a total of 54.8 million shares have been repurchased under the program for a total of approximately $5.4 billion.

Conference Call

NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on September 23, 2021, to review fiscal first quarter results. The conference call will be broadcast live via the Internet and can be accessed at http://investors.nike.com . For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, October 14, 2021.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at http://investors.nike.com . Individuals can also visit http://news.nike.com and follow @NIKE.

*
**







Revenues	$	12,248		$	10,594		16	%
Cost of sales	6,552			5,853			12	%
Gross profit	5,696			4,741			20	%


Demand creation expense	918			677			36	%
Operating overhead expense	2,654			2,298			15	%
Total selling and administrative expense	3,572			2,975			20	%


Interest expense (income), net	57			65			—
Other (income) expense, net	(39		)	(14		)	—
Income before income taxes	2,106			1,715			23	%
Income tax expense	232			197			18	%




Earnings per common share:
Basic	$	1.18		$	0.97		22	%
Diluted	$	1.16		$	0.95		22	%

Weighted average common shares outstanding:
Basic	1,581.9			1,561.8
Diluted	1,619.6			1,593.3

Dividends declared per common share	$	0.275		$	0.245







ASSETS
Current assets:
Cash and equivalents	$	10,720	$	8,148	32	%
Short-term investments	2,975		1,332		123	%
Accounts receivable, net	4,341		3,813		14	%
Inventories	6,699		6,705		0	%
Prepaid expenses and other current assets	1,655		1,939		-15	%
Total current assets	26,390		21,937		20	%
Property, plant and equipment, net	4,869		4,969		-2	%
Operating lease right-of-use assets, net	3,078		3,158		-3	%
Identifiable intangible assets, net	267		272		-2	%
Goodwill	242		223		9	%
Deferred income taxes and other assets	3,071		2,699		14	%

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	—	$	1	-100	%
Notes payable	15		137		-89	%
Accounts payable	2,135		1,983		8	%
Current portion of operating lease liabilities	462		459		1	%
Accrued liabilities	5,296		5,742		-8	%
Income taxes payable	361		297		22	%
Total current liabilities	8,269		8,619		-4	%
Long-term debt	9,415		9,408		0	%
Operating lease liabilities	2,898		2,961		-2	%
Deferred income taxes and other liabilities	2,992		3,046		-2	%
Redeemable preferred stock	—		—		—
Shareholders’ equity	14,343		9,224		55	%









Footwear	$	3,264		$	2,957	10	%	10	%
Apparel	1,430			1,125		27	%	27	%
Equipment	185			143		29	%	29	%
Total	4,879			4,225		15	%	15	%

Footwear	1,983			1,802		10	%	4	%
Apparel	1,159			971		19	%	13	%
Equipment	165			137		20	%	15	%
Total	3,307			2,910		14	%	8	%

Footwear	1,449			1,251		16	%	6	%
Apparel	476			478		0	%	-9	%
Equipment	57			51		12	%	3	%
Total	1,982			1,780		11	%	1	%

Footwear	1,022			758		35	%	33	%
Apparel	385			301		28	%	26	%
Equipment	58			40		45	%	44	%
Total	1,465			1,099		33	%	31	%
	7			4		75	%	38	%

Converse	629			563		12	%	7	%
Corporate	(21		)	13		—		—



Footwear	$	7,718		$	6,768	14	%	10	%
Apparel	3,450			2,875		20	%	16	%
Equipment	465			371		25	%	22	%
Global Brand Divisions	7			4		75	%	38	%

The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company’s underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.

Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.

Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company’s central foreign exchange risk management program.







North America	$	1,434		$	1,302		10	%
Europe, Middle East & Africa	875			692			26	%
Greater China	701			688			2	%
Asia Pacific & Latin America	481			280			72	%
Global Brand Divisions	(987		)	(853		)	-16	%

Converse	204			168			21	%
Corporate	(545		)	(497		)	-10	%


Interest expense (income), net	57			65			—

The Company evaluates the performance of individual operating segments based on earnings before interest and taxes (commonly referred to as “EBIT”), which represents net income before interest expense (income), net and income tax expense. Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures and are being provided as management believes this additional information should be considered when assessing the Company’s underlying business performance and trends. EBIT margin is calculated as EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.

Global Brand Divisions primarily represent demand creation and operating overhead expense, including product creation and design expenses that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.

Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.

View source version on businesswire.com : https://www.businesswire.com/news/home/20210923005934/en/

Investor Contact: Paul Trussell (203) 895-9678

Media Contact: KeJuan Wilkins (971) 473-2556

Source: NIKE, Inc.

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corporate website, located at investors.nike.com , we post the following filings as soon as reasonably practicable after they are electronically filed with, or furnished to, the United States Securities and Exchange Commission (the "SEC"): our annual report on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K ...
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