It is cutting back on marketing, terminating orders from factories in Asia, and laying off 5 percent of global staff.Net income in Nike fiscal fourth quarter fell to $341.4 million, or 70 cents per share, from $490.5 million, or 98 cents per share, a year earlier.The results included a $144.5 million after tax charge, or 29 cents per share, related to the job cuts and a company wide realignment involving factory consolidation.Excluding charges, it earned 99 cents per share, above the 96 cents expected on average by analysts, according to Reuters Estimates.BRAND CACHET Beaverton, Oregon based Nike which counts sports superstars Kobe Bryant and LeBron James among its stable of highly paid endorsers has weathered the downturn better than some peers, riding its brand cachet and a diverse portfolio of products sold at various prices and channels.Still, revenue slid 7 percent in the quarter to $4.7 billion.At Nike European division, which includes the Middle East and Africa, revenues plummeted 19 percent, though they were down a more moderate 3 percent on a constant currency basis.Sales in the Asia Pacific region were flat, and rose 3 percent excluding currency fluctuations. In China, Nike fastest growing region, sales rose only 6 percent, below the 60 percent growth a year ago in advance of the Beijing Olympics.In the unit selling non Nike brands, revenues fell 5 percent. But weakness at Cole Haan and Nike Golf was offset by strength at Converse, which grew sales 26 percent.Forward orders of Nike goods, delivered through November, fell 12 percent from a year ago, or a 5 percent fall excluding currency changes.
1859: Westwood with a dirty old putt from the front edge of the 17th green. He starts it miles right, and although he comes boomeranging back, he’s got a testy one for birdie. Ishikawa shows some stones, he rams home a 10 footer to get back to five over.
His other sponsors have not responded to requests for comment from CNNMoney.Woods quickly took responsibility after the arrest, which he blamed on an unexpected reaction to prescription medication. “I understand the severity of what I did and I take full responsibility for my actions,” he said in a statement.The latest trouble comes as Woods is struggling to add to his legacy on the course, hurting his future marketability. He hasn’t won a major tournament since 2008, and his recent playing career has been plagued by injuries.Woods is recovering from a back surgery last month and has had surgery four times since 2014.