News Summary: Nike 2nd-quarter results beat Street
THE NEWS: Nike Inc. said Thursday fiscal second-quarter net income fell 18 percent. Sales in China dropped but were up in North America, its largest market by far. Revenue rose 7 percent to $5.96 billion.
THE CONTEXT: Like most global companies, Nike Inc. has been dealing with a weak Europe and a slowdown in growth in China. Nike said it is working to lower its inventory in China, clearing excess inventory in the region and focusing on high-end consumers.
WHAT'S NEXT: Orders for Nike shoes and apparel to be delivered between December and April rose 6 percent from the same period a year ago, to $9.3 billion.