BEAVERTON, Ore. - Nike Inc. reported U.S. apparel sales recovered in the fourth quarter ended May 31, increasing 2.7 percent to $76.9 million from $74.8 million last year, after slipping in the first three quarters.
Despite the improvement in the fourth quarter, total U.S. apparel sales for the year were down 6.1 percent to $338.5 million from $360.5 million a year ago.
Nike's net profit in the final quarter fell 10 percent to $69.2 million, or 93 cents a share, from $76.9 million, or $1, in the year-ago quarter. Revenues in the quarter increased 2.1 percent to $1 billion from $983.3 million.
For the year, net profit dropped 18.1 percent to $298.8 million, or $3.96 a share, from $365 million, or $4.74. Revenue for the year was off 3.6 percent to $3.79 billion from $3.93 billion.
- Fairchild News Service