28/09/2013

Press news : Patagonia Launches "The Responsible Economy" Campaign, Celebrates 40 Years of Environmental and Social Firsts

Leaders from outdoor apparel company Patagonia announced its new campaign, The Responsible Economy, and outlined its numerous environmental and social “firsts” since being founded 40 years ago. 

New York City, NY September 24, 2013
Leaders from outdoor apparel company Patagonia today announced its new campaign, The Responsible Economy, and outlined its numerous environmental and social “firsts” since being founded 40 years ago.

“Patagonia’s mission is to ‘inspire and implement solutions to the environmental crisis,’” said Rick Ridgeway, Patagonia Vice President of Environmental Affairs. “There are two vital concepts in that statement: we implement our own solutions and we inspire others to follow our lead.”

Based in Ventura, Calif., Patagonia has become a leader by implementing many environmental and social firsts that include:
  •     using only organic cotton for all its cotton products since 1996;
  •     redefining corporate transparency through its Footprint Chronicles® website documenting what is working in the supply chain, what’s not, and steps the company is doing to address its challenges;
  •     launching its Common Threads Partnership, which invites customers to take mutual responsibility for the entire life cycle of the company’s products through the 5 R’s: reduce, repair, reuse, recycle, and reimagine;
  •     becoming the first brand member of the bluesign® system;
  •     being one of the first companies in California to switch to wind energy upon deregulation and adding on-site solar energy systems;
  •     being the first company in California to incorporate as a Benefit Corporation, institutionalizing its core values in its Charter and Articles of Incorporation;
  •     launching $20 Million & Change, a fund to help like-minded responsible start-up companies; and
  •     becoming one of the first U.S. outdoor apparel companies to introduce Fair Trade Certified™ garments (for fall 2014).
In addition, over the years Patagonia has co-founded 1% for the Planet®, Freedom to Roam, The Conservation Alliance, and the Sustainable Apparel Coalition, and is a founding member of the Fair Labor Association. It has given more than $55 million in grants and in-kind donations to date to more than 1000 environmental organizations through its grants program.

Patagonia was one of the first to use hemp, recycled nylon, recycled polyester, and Tencel® (lyocell). Its most recent initiative is working with The Nature Conservancy and Ovis XXI, representing fifth-generation ranchers, to regenerate overgrazed grasslands in Patagonia, Argentina, where it sources its merino wool. The company takes responsibility for every garment at the end of its life by taking it back for recycling or repurposing.

“On a daily basis, we actively pursue our mission statement’s provision to ‘cause no unnecessary harm,’” stated Jill Dumain, Patagonia’s Director of Environmental Strategy. “At every step we ask ourselves, ‘How does this fiber or input affect the environment we live in and the people making the products and how can we reduce that impact?’”

The new environmental campaign, The Responsible Economy, challenges the assumption that an economy based on growth and increased consumption is tantamount to prosperity.

The company notes that every year, humans use the earth’s resources at a rate nearly one and a half times faster than nature can replace essential “services” such as clean water, clean air, arable land, healthy fisheries, and the stable climate all businesses and societies depend on.

"If the population climbs from 7 to 9 billion people by 2050 and, even more importantly, our growing and increasingly global high-consumption economy continues to draw down our natural resources, we will exceed the planet’s capacity by 300 to 500 percent, putting us into ecological bankruptcy,” notes Vincent Stanley, co-author with Yvon Chouinard of The Responsible Company.

“How do we reverse this decline before it becomes sudden catastrophe? How do those of us in business confront this challenge yet remain in business?” he added. “Patagonia doesn’t claim to have the answers, but we do want to start a conversation so all of us – business, government, and civil society – can collectively find the answers.”

To confront the “elephant in the room” – growth-dependent capitalism – Patagonia will promote the concept that everyone must learn to consume less and use resources far more productively – as well as innovate as quickly and ingeniously as possible to reduce adverse human impact on the natural systems that support all life.

Patagonia will be the first major company to raise this topic with its customers, business leaders, and a general audience. The campaign was inspired by the enormous response to its provocative “Don’t Buy This Jacket” full-page ad in the New York Times on Black Friday, 2011, when it asked customers to think twice whether they needed a new jacket, and by its recent “Better Than New” ad in the same paper celebrating the re-sale of well-used, long-surviving Patagonia clothing.

About Patagonia:

Patagonia, Inc., based in Ventura, California, is a leading designer and retailer of core outdoor, alpine, fly fishing, snow, surf and sport-related apparel, equipment, footwear and accessories. The company is recognized internationally for its commitment to authentic product quality and environmental activism, contributing over $55 million in grants and in-kind donations to date. Incorporating environmental responsibility into product development, the company has, since 1996, used only organically grown cotton in its clothing line. The company’s entire product line is recyclable through its Common Threads Partnership. The Footprint Chronicles® at http://www.patagonia.com/us/footprint explores the company's environmental and social footprint.

By press release


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Business people : Billabong appoints Acting Europe General Manager


Jean-Louis Rodrigues (Billabong), Frédéric Basse (Rip Curl / EuroSIMA),
Franco Fogliato (Columbia sportswear Ex Billabong)
copyright Eurosima
Jean-Louis Rodrigues, Retail Director Europe, has been appointed Acting General Manager Europe.

Jean-Louis has extensive experience in the action sports industry, including senior roles at Reebok, Quiksilver and O’Neill where he was the General Manager for southern Europe. Since joining Billabong in 2008, Jean-Louis has managed Billabong's European retail business.

He takes on the role pending a review of the Company's leadership structure by newly appointed CEO Neil Fiske.

Mr Fiske, who this week met with Jean Louis and members of the wider European team in Hossegor, said; “Having spent time with him this week I have full confidence in the ability of Jean Louis and his leadership team to move the European business forward. He is a highly capable leader, well respected across the organisation and will bring an intense focus on customer service across a portfolio of great brands.”

Jean-Louis said; "I’m very excited and very honoured to lead the Group in Europe. I’m confident we will continue gaining market share within the actions sports market.”

Mr Fiske travelled to Europe after earlier holding meetings with brand head’s, senior executives and briefing the wider team at Billabong's Irvine offices in Southern California. Early next week he will be at Billabong's Gold Coast headquarters to undertake further meetings and team briefings.

"In my conversations with a range of people to date there has been a consistent theme of wanting to make positive change at pace," said Mr Fiske. "We will be moving with speed, across the business globally, to put in place specific plans to reinvest in and reenergise our brands."

By press release

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Business poeple: Sierra Designs hires Chase Schofield to newly created Product Designer position

BOULDER, COLO., Sep 25, 2013 -
Sierra Designs hires Chase Schofield to newly created Product Designer position
      
Schofield is the latest addition to a growing team driven to create “better and different” outdoor equipment and apparel

BOULDER, COLO. – Sierra Designs, industry leader in outdoor equipment and apparel innovation, is proud to announce the recent hiring of Chase Schofield to the newly created Product Designer position.

Bringing with him over seven years of design experience, Schofield is tasked with helping create the next generation of tents, sleeping bags, and backpacks for Sierra Designs.   With a core mission to build backpacking gear that is both ‘better and different’ than anything else on the market, Sierra Designs will look to Schofield to design gear from scratch instead of simply improving on existing designs.

“Our team believes that Chase has the courage to challenge everything and everyone, the confidence required to expose himself to higher risks, and the fearlessness and passion that is required to create new realities within the outdoor industry,” says Michael Glavin, VP and Brand Manager for Sierra Designs.  “With extensive design experience in outdoor and beyond, we have no doubts he will be a great addition to our growing team.”

Schofield’s new position is effective immediately.  He will work primarily on new equipment with additional responsibilities extending to overall brand design and aesthetic.
      
The Sierra Designs brand recently relaunched with a new management team and product offering that is already drawing attention within the outdoor industry and beyond.  The entire 2014 line embodies the brand’s mission to create backpacking gear that is better and different than anything on the market.

With a Bachelor of Arts degree from the Art Institute of Colorado, Schofield spent the last three years designing highlight equipment for well-respected outdoor equipment brands Kelty and Slumberjack.

About Sierra Designs:

Founded in 1965 at the beginning of the golden age of backpacking and climbing, Sierra Designs draws on an extensive heritage to create innovative, technologically-advanced outdoor equipment to compliment any active, outdoor lifestyle. With years of experience designing best in class tents, sleeping bags, and apparel, Sierra Designs has been to every corner of the world, from the highest peaks in the Himalaya to the campground down the road. Whether you’re an ultralight hiker, world-class mountaineer, or recreational camper, Sierra Designs has you covered. (www.SierraDesigns.com).

By press release

Business news : Global Golf Equipment and Consumables Industry

Reportbuyer.com just published a new market research report: Global Golf Equipment and Consumables Industry

London  September 26, 2013
This report analyzes the worldwide markets for Golf Equipment and Consumables in US$ Million. The US market for Golf Equipment & Consumables is also analyzed by the following Segments: Golf Clubs, Golf Balls, Golf Bags & Golf Apparel, and Others.

The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, and Rest of World. Annual estimates and forecasts are provided for the period 2010 through 2018. Also, a six-year historic analysis is provided for these markets.

The report profiles 241 companies including many key and niche players such as Aldila, Inc., Amer Sports Corporation, Wilson Sporting Goods Company, Bridgestone Golf, Inc., Callaway Golf Company, Dixon Golf, Dunlop Sports Co. Ltd., Roger Cleveland Golf Company Inc., Etonic, Fila Golf, Golfsmith International, Inc., Hippo Golf, Mizuno USA Inc., Nike, Inc., PING Inc., Taylor Made Golf Company, Inc., Adams Golf, and True Temper Sports Inc.

Market data and analytics are derived from primary and secondary research. Company profiles are primarily based on public domain information including company URLs.

Read the full report:

Global Golf Equipment and Consumables Industry
http://www.reportbuyer.com/consumer_goods_retail/sports_recreation/global_golf_equipment_consumables_industry.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Sporting_Goods

For more information:

Sarah Smith / Research Advisor at Reportbuyer.com / Email: query@reportbuyer.com
Tel: +44 208 816 85 48 / Website: http://www.reportbuyer.com


Business news : State Bicycle Co. Teams with Canada Distributor – Killemall

State Bicycle Co. expands their operation in Canada. 

Tempe, AZ (PRWEB) September 27, 2013
State Bicycle Co. is proud to announce its partnership with Killemall Distribution of Canada, a company known for its dedication to the cycling community with more than 30 years BMX bicycles experience throughout Canada. They’ve also built a solid reputation for promoting BMX events over the last nine years in Canada.

Killemall distributes quality bikes like Deluxe BMX, Academy, Colony, Division Brand, BSD and S-One Helmets. Now they will add State Bicycle Co. bicycles to their lineup and will be the official distributor for State brands in Canada.

State Bicycle Co. is a fixed gear/single-speed bicycle company with roots in Tempe, AZ. The company is lauded for its high quality, limited run and affordable bicycles and parts. State Bicycle Co. also has a reputation for its stylish clothing, cycling apparel and lifestyle items. The company is excited about this new venture and the rider owned and operated focus they share with Killemall.

Killemall distributes its products across Canada. They have also had a big hand in innovating the BMX culture in Canada, as well as getting street wear and sneakers across the great white north. Killemall has also taken a grass roots, guerrilla marketing approach in Canada and has successfully promoted the longest running BMX event series in Canada, which has had a nine-year run.

Bicycle enthusiasts in the U.S. have asked for State Bicycle Co. products by name for years. This partnership with Killemalls allows State Bicycle Co. to build the same reputation with cycling enthusiasts to the north. The company already has tens of thousands of followers on Facebook and Twitter, which are helping to spread the word about State Bicycle Co.’s quality products. To date, State Bicycle Co. has nearly 400,000 “likes” on Facebook. Photographs of the stylish bicycles have also attracted a robust following of 22,000 on State’s Instagram.

A glance at State’s website, http://www.statebicycle.com, makes true believers out of skeptics. The design of the bikes is sleek and barebones but classic and stylish. It’s no wonder that the subculture embracing the fixed-gear bicycles have chosen State Bicycle Co. as a go-to bike.

Professional cyclists in the U.S. and Canada, many of whom come from a track racing background, relied on fixed-gear bicycles in their training and endurance. Commuters and casual riders today enjoy the smooth ride, stripped down components and aesthetic qualities of the fixed gear and single speed bicycles.

Anyone who believed that the fixed-gear style was simply a trend is proven wrong – fixed gear and single speed bikes are here to stay, and State Bicycle Co. is leading the charge in the U.S., and thanks to Killemall, in Canada too.

For more information about Killemall Distribution, go to http://www.killemalldistro.com. They can be reached at info(at)Killemalldistro(dot)com or by phone at (604) 564-8495.

About State Bicycle Co.

State Bicycle Co. is a fixed gear/single speed bicycle company based out of Tempe, Arizona, dedicated to bringing the most attractive, high quality, and smooth riding fixed gear/single speed bicycles to the market at the lowest price possible. Each bicycle model offered is available only for 3 months to a year before it is "retired" and State Bicycle Co. releases a newly designed model to replace it -- when they're gone, they're gone.

For further information contact State Bicycle Co. at info(at)statebicycle(dot)com or by phone 1.855.557.8283.

27/09/2013

Environement news : Nike and Puma Remain Among Top Users of Organic Cotton

Textile Exchange organization has published the 2012 Organic Cotton Market Report, which reports that 71 percent of respondents are planning to increase organic cotton production for 2013 and that additional sustainable fibers are also slated for growth.

The report also shows that C&A, Nudie Jeans, and Puma are prioritizing organic cotton on their preferred fibers lists. C&A and Puma both report that organic cotton provides solid environment credentials specifically in the area of water use. The HIGG Index 1.0 also places organic cotton ahead of conventional options.

Textile Exchange has included two Top Ten lists in the Market Report, one for organic cotton growth by volume and one for organic cotton percentage increase over the previous year. C&A tops both lists with 78 percent growth in 2012. This year’s Market Report’s Top Ten organic cotton users by volume are; C&A, H&M, Nike, Puma, Coop Swiss, Anvil, William-Sonoma, Inditex, Carrefour and Target, in order. For the first time, Top Ten users by volume had to consume over two million pounds of organic cotton to make it onto this list!

Another first is the Top Ten users by Percent Growth. The first time list includes C&A with a growth rate of 78 percent followed by Nudie Jeans at 69 percent. Other leaders driving growth include PUMA, Otto, Continental Clothing, Anvil, H&M, Bergman Rivera, Inditex, and Nike.

"We’re delighted that the Market Report shows that organic cotton credentials have been verified in studies by industry experts. These studies give credibility to the work we have done over the past 11 years to support the growth of the organic cotton market," said LaRhea Pepper, managing director at Textile Exchange.

A free executive summary of the report is available online.

Textile Exchange will host the 2013 Textile Sustainability Conference in Istanbul, Turkey Nov. 11-13, 2013. The title of this year’s conference is, "Sustainability: The Future is Now - Unifying Our Industry through Integration and Collaboration". The event will include top brands and retailers as well as industry authorities in textile sustainability.

By press release through sportsonesource

Business news : RAMP Sports Begins OEM Production

Sep. 26, 2013 - PARK CITY, Utah -- Park City, UT (September 26, 2013) – RAMP Sports is pleased to announce that it has begun development and production on three separate OEM orders for the upcoming ‘13/’14 Winter Season, illustrating the adaptability of RAMP’s patent pending production methods, as well as highlighting the relevance of US ski manufacturing.

“OEM production has always been part of our strategy,” said Mike Kilchenstein, Founder and CESnow of RAMP Sports. “With our new machinery and efficient production process, it has finally become a reality. Our goal for the ‘13/’14 season was to do 15% of our production in OEM and we've met that goal.  We are really excited it includes export business with very big growth potential on a state of the art ultralight alpine touring ski.”

OEM orders for winter ‘13/’14 include runs of Bud Light branded skis and snowboards, Midwest based Iridium Skis has contracted for five models of skis, and the French company Raid Light which has tasked RAMP to make the world’s lightest alpine touring ski. The export to France marks a significant moment in US production and represents a modest reversal in the ski manufacturing trend.

With this season’s orders already in place, RAMP has already seen a great deal of interest from several national and international brands for winter ‘14/’15, attracted to their state-of-the-
art facility, quality product and industry leading environmental practices.

For more information about OEM orders contact RAMP Sports though www.rampsports.com

Links:

RAMP Website: www.RAMPSports.com

RAMP on Facebook: www.facebook.com/RAMPsports

RAMP on Twitter: www.twitter.com/RAMPsports

RAMP on Pinterest: www.pinterst.com/RAMPsports

About RAMP Sports

Based in Park City, UT, RAMP Sports is a ski and snowboard manufacturer‑and SUP dealer‑bringing expertly handcrafted gear to customers at factory direct prices. RAMP is 100% Utah based company from design and development to production, in its state of the art facility in Park City. RAMP is skier and rider owned making top-quality skis and boards using groundbreaking manufacturing techniques. Please visit http://www.rampsports.com/ for more information.
 
By press release

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New product :Wilderness Systems Ride 115X Sets a New Standard in Kayak Angling

GREENVILLE, S.C. , Sep 25, 2013 -
Wilderness Systems unveils the Ride 115X, an unparalleled angling kayak package, available at retailers starting September 2013. The Ride 115X features the same stability, maneuverability and capacity anglers have come to know and love in the Ride 115, with a “wish list” of design features and accessory upgrades just for fishing.

Working closely with well-known kayak angler, Chad Hoover, and other members of its Pro Staff, Wilderness Systems took all the best qualities of the extremely popular Ride 115 and added highly customizable features to make it the ideal fishing kayak.

New features of the Ride 115X include a removable console that reveals a large pass through the hull, including a battery storage area. Eight inches of SlideTrax along the stern tankwell and under the removable console, and the increased bulkhead width, provide more flexibility for mounting accessories. Security bars on the stern provide excellent options for securing gear with web straps or carabiners, and a stand up assist strap eases the transition from a seated to standing position.

Add the Phase 3® AirPro, the most innovative and comfortable seating system on the market (available in standard, Advance or Advance Angler options), and you have the perfect yak angling machine. The Ride 115X Advance and Advance Angler come with the Phase 3 AirPro Advance seat, an elevated seat with 4” of height for better visibility.

Features & Benefits:
  • Rigid aluminum carry handles with foam comfort sleeves
  • Additional scupper tube for increased support in the standing area
  • Replace deck fitting with security bars on the stern for greater flexibility in securing gear with web straps or carabiners
  • Removable console that reveals a large pass through the hull, including a battery storage area and molded-in inserts allowing for quick installation of a transducer battery and head unit
  • 8” SlideTrax™along the stern tankwell and under the removable console
  • Stand Up Assist strap to ease in transitioning from a seated to standing position
  • Increased bulkhead widthto provide more flexibility in mounting accessories
  • Available in nine colors
  •  
Specifications

Ride 115X Ride 115X Advance Ride 115X Advance Angler
Length 11’6” 11'6" 11'6"
Width 33” 33" 33"
Deck Height 16.5” 16.5” 16.5”
Capacity 500 lbs. 500 lbs. 500 lbs.
Weight 80 lbs.  80 lbs. 80 lbs.
MSRP $1,029 $1,059 $1,229






 


Wilderness Systems Angler Packages: 
Available on all angler models, Wilderness Systems kayak angler packages get a significant facelift for 2014. The new angler packages are designed to make it even easier to bring home the big one, no matter what rig you need that day.

Complete with a factory installed Yak Attack Mighty Mount™, 1.5” and 1” Yak Attack Screwballs™, a Yak Attack Zooka Tube and a Yak Attack VISICarbon Pro™, the new angler packages create an out-of-the-box platform that allow anglers to easily build a highly customized, fully outfitted boat.
Available in angler editions for the Commander 120 and 140, Pungo 120 and 140, Ride 115, 115X and 135, and the Tarpon 100, 120, 140 and 160.

About Wilderness Systems:
 

Innovative designs tuned for performance, premium outfitting, and superlative quality have aligned Wilderness Systems boats with the most acclaimed paddling experiences in the world. Since 1986, Wilderness Systems has pushed the limits of design and innovation, by refusing to compromise. A Wilderness Systems kayak offers the ultimate in performance and design for the recreational boater to the expedition paddler. Taking that same drive into the angling market, Wilderness Systems fishing kayaks exemplify the ultimate experience for anglers. For the times you can’t be on water, experience Wilderness Systems at wildernesssystems.com and join the Wildy Community.

By press release

Business news : Dufour Yachts, bailout approved by the Commercial Court !

Salvatore Serio, CEO Dufour Yachts
The Commercial Court of La Rochelle approved on Tuesday 24 September, the bailout of Dufour Yachts . It provides a change of shareholders, a deletion of part of the debt and a fresh injection of money by local authorities and French banks.

This bailout was made necessary by the withdrawal of the Italian shipyard Cantiere Del Pardo, which is a subsidiary Dufour . In the summer , this disengagement has led the direction of La Rochelle site to seek the help of local and French banks to ensure the future of the company and its 432 employees.

The bailout includes a portion of the bank debt incurred by Dufour Yachts with Italian banks is cleared : € 7.5 million the first year, 2 million the next. Totaling 9.5 million on a total debt of 20 million.

The other part of the rescue plan is in financial support from local authorities and French banks. The Poitou-Charentes region , the department of Charente -Maritime and the urban community of La Rochelle will bring a total of 4 million in the form of repayable advances secured by the real estate company . Another three million will be injected by three French banks ( Credit Agricole and Societe Generale CIC ) .

Finally, the current shareholders must transfer their title to a new joint stock company , called Newco, created by six frames Dufour Yachts whose current president, Salvatore Serio . It retains the majority stake in the new administrative and financial structure. In exchange for the transfer of ownership, Cantiere Del Pardo must make a write-off of EUR 3.3 million.

Dufour second manufacturer of pleasure boats in France behind the Beneteau Group , was under the control of Cantiere Del Pardo since 2001. A few months ago , the shareholders of Cantiere Del Pardo , investment Anchorage Advisors and Oaktree Capital, also owners of the Bavaria group funds , decided to sell the Italian shipyard and will inject more money. This has directly affected Dufour Yachts, strangled by a debt equivalent to half of its annual turnover.

By ouest-france.fr

Business news : NIKE, INC. Reports Fiscal 2014 First Quarter Results

Strong demand for NIKE, Inc. brands propelled revenue growth, and diluted earnings per share grew faster than revenue due to gross margin expansion, SG&A leverage, a lower tax rate and a lower average share count.

  • Revenues from continuing operations up 8 percent to $7.0 billion
  • Diluted earnings per share from continuing operations up 37 percent to $0.86
  • Worldwide futures orders up 8 percent, 10 percent growth excluding currency changes
  • Inventories as of August 31, 2013 up 6 percent

BEAVERTON, Ore., September 26, 2013 – NIKE, Inc. (NYSE:NKE) today reported financial results for its fiscal 2014 first quarter ended August 31, 2013. Strong demand for NIKE, Inc. brands propelled revenue growth, and diluted earnings per share grew faster than revenue due to gross margin expansion, SG&A leverage, a lower tax rate and a lower average share count.

"We had a great first quarter driven by our unrelenting commitment to delivering innovative products and services to athletes around the world,” said Mark Parker, President and CEO of NIKE, Inc. “Our powerful portfolio of businesses combined with unmatched leadership and resources allows us to capitalize on opportunities that drive long-term value for our shareholders. I am more excited than ever about our potential to continue to innovate with purpose, and fuel NIKE's growth."*

First Quarter Continuing Operations Income Statement Review

Starting in the first quarter of fiscal 2014, the Company changed the reporting structure for what was historically identified as Other Businesses. Hurley and NIKE Golf have been included in the overall financial results for the NIKE Brand and for individual geographies, reflecting the operational integration of these businesses into the NIKE Brand category offense. Converse will now be reported as a separate segment, reflecting the ongoing operation of this brand as a stand- alone business.
  • Revenues
  • for NIKE, Inc. increased 8 percent to $7.0 billion. Changes in foreign currency exchange rates did not have a significant impact on total reported revenue growth.
    • Revenues for the NIKE Brand were $6.5 billion, up 7 percent on a currency neutral basis, with growth in every product type and every geography except Greater China. For the first quarter, NIKE Brand revenues were higher in Running, Basketball, Football (Soccer) and Men’s Training, offsetting a slight decline in Sportswear.
    • Revenues for Converse were $494 million, up 16 percent on a currency neutral basis, driven by strong performance in our largest owned markets: the United Kingdom, North America and China. 

  • Gross margin increased 120 basis points to 44.9 percent. Gross margin benefitted from easing raw material costs, a shift in the mix of the Company’s revenues to higher margin products, lower discounts and growth in the higher margin Direct-to-Consumer business. These benefits were partially offset by higher labor costs and unfavorable changes in foreign exchange rates.

  • Selling and administrative expense was in line with the same period last year at $2.1 billion. Demand creation expense was $731 million, down 16 percent versus the prior year, which included higher spending supporting key product initiatives, as well as the Olympics and European Football Championships. Operating overhead expense increased 12 percent to $1.3 billion due to investments in digital innovation and other growth businesses, as well as higher Direct to Consumer costs driven by growth and new store openings.

    • Other expense, net was $28 million, comprised primarily of foreign currency exchange losses. For the quarter, the Company estimates the year-over-year change in foreign currency related gains and losses included in other expense (income), net, combined with the impact of changes in currency exchange rates on the translation of foreign currency-denominated profits, decreased pretax income by approximately $38 million.

    • The effective tax rate was 25.0 percent, compared to 26.9 percent for the same period last year, an improvement due primarily to a lower effective tax rate on operations outside the United States.

    • Net income increased 33 percent to $780 million while diluted earnings per share increased 37 percent to $0.86, reflecting a 1 percent decline in the weighted average diluted common shares outstanding.

    August 31, 2013 Balance Sheet Review for Continuing Operations

    • Inventories for NIKE, Inc. were $3.5 billion, up 6 percent from August 31, 2012. NIKE Brand wholesale unit inventories increased 8 percent to support future demand. Changes in foreign currency exchange rates and product cost drove approximately a 2 percentage point decline in NIKE, Inc. inventory growth.
    • Cash and short-term investments were $5.6 billion; $2.3 billion higher than last year mainly as a result of proceeds from the issuance of debt and sale of the Umbro and Cole Haan businesses in the prior fiscal year, in addition to higher net income and continued focus on working capital productivity.
    Share Repurchases 

    During the first quarter, NIKE, Inc. repurchased a total of 8.4 million shares for approximately $526 million as part of the four-year, $8 billion program approved by the Board of Directors in September 2012. As of the end of the first quarter, a total of 23.7 million shares had been repurchased under this program at a cost of approximately $1.3 billion.

    Futures Orders

    As of the end of the quarter, worldwide futures orders for NIKE Brand athletic footwear and apparel scheduled for delivery from September 2013 through January 2014 were 8 percent higher than orders reported for the same period last year. Excluding currency changes, reported orders would have increased 10 percent.*

    Conference Call

    NIKE management will host a conference call beginning at approximately 2:00 p.m. PT on September 26, 2013, to review first quarter results. The conference call will be broadcast live over the Internet and can be accessed at http://investors.nikeinc.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 3, 2013.

    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. Wholly-owned NIKE, Inc. subsidiaries include Converse Inc., which designs, markets and distributes athletic lifestyle footwear, apparel and accessories and Hurley International LLC, which designs, markets and distributes surf and youth lifestyle footwear, apparel and accessories. For more information, NIKE’s earnings releases and other financial information are available on the Internet at http://investors.nikeinc.com and individuals can 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 S.E.C., including Forms 8-K, 10-Q, and 10-K. Some forward-looking statements in this release concern changes in futures orders that are not necessarily indicative of changes in total revenues for subsequent periods due to the mix of futures and “at once” orders, exchange rate fluctuations, order cancellations, discounts and returns, which may vary significantly from quarter to quarter, and because a significant portion of the business does not report futures orders. 
    View the press release and financial tables. [PDF]
    View the NIKE, Inc. Q1 financial schedules and key financial metrics calculations. [PDF]
    View the NIKE, Inc. Schedule of Reclassified Segment Data - Revenue & EBIT. [PDF]
    View the unofficial NIKE, Inc. Q1 FY14 earnings call transcript. [PDF]