NIKE, Inc. Reports Fiscal 2013 Fourth Quarter and Full Year Results

  NIKE, Inc. Reports Fiscal 2013 Fourth Quarter and Full Year Results

  *Fourth quarter revenues from continuing operations up 7 percent to $6.7
    billion, up 9 percent excluding currency changes
  *Fourth quarter diluted earnings per share from continuing operations up 27
    percent to $0.76
  *Fiscal 2013 revenues from continuing operations up 8 percent to $25.3
    billion, up 11 percent excluding currency changes
  *Fiscal 2013 diluted earnings per share from continuing operations up 11
    percent to $2.69
  *NIKE Brand futures orders up 8 percent
  *Inventories as of May 31, 2013 up 7 percent

Business Wire

BEAVERTON, Ore. -- June 27, 2013

NIKE, Inc. (NYSE:NKE) today reported fiscal 2013 financial results for its
fourth quarter and full year ended May 31, 2013. For continuing operations,
strong demand for NIKE, Inc brands drove fourth quarter revenue to $6.7
billion, up 7 percent, or 9 percent on a currency neutral basis. Fourth
quarter diluted EPS from continuing operations grew faster than revenue, up 27
percent, mainly as a result of gross margin expansion, a lower effective tax
rate and a lower average share count.

Fiscal 2013 revenues from continuing operations were $25.3 billion, up 8
percent, or 11 percent excluding the impact of changes in foreign currency.
For continuing operations, fiscal 2013 diluted EPS growth outpaced revenue
growth, up 11 percent to $2.69, primarily due to gross margin improvement, a
lower tax rate and a lower average share count, which more than offset the
impact of SG&A deleverage.

"Fiscal 2013 was a great year for NIKE, driven by our innovative products and
the power of our brands,” said Mark Parker, President and CEO of NIKE, Inc.
“And we’re excited about what lies ahead. We have the best leadership team in
the industry and a deep innovation pipeline. Both are aligned against our
biggest opportunities to drive growth, manage risk and drive long-term
shareholder value."*

Fourth Quarter Income Statement Review - Continuing Operations

  *Revenues  for NIKE, Inc. increased 7 percent to $6.7 billion, or up 9
    percent on a currency neutral basis. Excluding the impact of changes in
    foreign currency, NIKE Brand revenues rose 8 percent with growth across
    each product type and in every geography except Western Europe and Greater
    China. For the fourth quarter, NIKE Brand revenues were higher in Running,
    Basketball, Men’s Training, and Women’s Training, offsetting slight
    declines in Sportswear, Action Sports and Football (Soccer), which
    reflects comparisons to strong sales in advance of the European Football
    Championships in 2012. Revenues for Other Businesses grew 10 percent,
    including a 1 point reduction from changes in currency exchange rates, as
    revenues increased for each business during the quarter.
  *Gross margin increased 110 basis points to 43.9 percent. Gross margin
    benefited from pricing actions, easing materials costs and favorable
    comparisons to last year, when gross margin was reduced by higher
    investments in the Company’s digital business and an unanticipated customs
    assessment in the Emerging Markets geography. The positive impact of these
    factors was partially offset by higher labor costs, unfavorable changes in
    foreign exchange rates and higher discounts, particularly in Greater China
    as the Company continues to work with its retailers to optimize
    marketplace inventory.
  *Selling and administrative expenses grew at the same rate as revenue, up 7
    percent to $2.0 billion. Demand creation expenses were $642 million, down
    13 percent due to higher prior year spending in support of the European
    Football Championships, the Summer Olympics and key product launches.
    Operating overhead expense increased 19 percent to $1.4 billion due to
    additional investments in the Company’s wholesale and Direct to Consumer
    businesses.
  *Other expense, net was $13 million, primarily comprised 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, net, combined with the impact of changes in
    foreign currency exchange rates on the translation of foreign
    currency-denominated profits, decreased pretax income by approximately $18
    million.
  *The effective tax rate was 22.8 percent compared to 23.9 percent for the
    same period last year. The decrease was primarily driven by a net
    reduction of tax reserves on foreign operations, partially offset by an
    increase in the percentage of earnings in higher tax jurisdictions.
  *Net Income increased 25 percent to $696 million while Diluted earnings per
    share increased 27 percent to $0.76, reflecting a 2 percent decline in the
    number of weighted average diluted common shares outstanding.

Fiscal 2013 Income Statement Review - Continuing Operations

  *Revenues  for NIKE, Inc. were up 8 percent to $25.3 billion, up 11 percent
    on a currency neutral basis.

       *NIKE Brand revenues rose 11 percent excluding the impact of changes
         in foreign currency, driven by growth in each key category, product
         type and geography except Greater China. On a currency-neutral basis,
         NIKE Brand wholesale revenues increased 8 percent to $18.4 billion,
         while Direct to Consumer revenues grew 24 percent to $4.3 billion,
         driven by 14 percent growth in same store sales and new door
         expansion. As of May 31, 2013 the NIKE Brand had 645 DTC stores in
         operation as compared to 557 a year ago.
       *Revenues for Other Businesses grew 9 percent with no significant
         impact from changes in foreign currency exchange rates, driven by
         growth across all businesses.

  *Gross margin increased 10 basis points to 43.6 percent, primarily driven
    by higher selling prices and easing material costs. These positive factors
    were largely offset by higher labor costs, unfavorable changes in foreign
    exchange rates, a shift in the mix of the Company’s revenues to lower
    margin geographies, products and businesses, and higher discounts,
    particularly in Greater China.
  *Selling and administrative expenses grew at a faster rate than revenue, up
    10 percent to $7.8 billion. Demand creation expense increased 5 percent to
    $2.7 billion due to marketing support for the European Football
    Championships, Summer Olympics and other key product and brand
    initiatives, as well as an increase in sports marketing expense. Operating
    overhead expense increased 13 percent to $5.0 billion due to additional
    investments made in the Company’s wholesale and Direct to Consumer
    businesses.
  *Other income, net was $15 million for the fiscal year, primarily comprised
    of non-operating items and net foreign currency related losses. For the
    year, the Company estimates the year-over-year change in foreign currency
    related gains and losses included in other income, net, combined with the
    impact of changes in foreign currency exchange rates on the translation of
    foreign currency-denominated profits, decreased pretax income by $56
    million.
  *The effective tax rate was 24.7 percent compared to 25.0 percent for
    fiscal 2012.
  *Net Income increased 9 percent to $2.5 billion and Diluted earnings per
    share increased 11 percent to $2.69, reflecting higher net income and a 2
    percent decline in the number of weighted average diluted common shares
    outstanding.

May 31, 2013 Balance Sheet Review

  *Inventories for NIKE, Inc. were $3.4 billion, up 7 percent from May 31,
    2012. NIKE Brand inventories increased 8 percent, with 6 percentage points
    of growth due to higher unit inventories to support future demand and the
    remainder driven by changes in foreign exchange rates and product costs.
  *Cash and short-term investments at period-end were $6.0 billion, $2.2
    billion higher than last year mainly as a result of proceeds from the
    issuance of debt in the fourth quarter, proceeds from the sale of the
    Umbro and Cole Haan businesses, higher net income and continued focus on
    working capital management.

Share Repurchases

During the fourth quarter, NIKE, Inc. repurchased a total of 4.2 million
shares for approximately $242 million. For the fiscal year, the Company
repurchased a total of 33.5 million shares for approximately $1.7 billion.

Repurchases for the fiscal year were made in conjunction with two approved
repurchase programs. In the second quarter of fiscal 2013, the Company
completed its previous four-year, $5 billion share repurchase program approved
by the Board of Directors in September 2008 under which the Company purchased
a total of 118.8 million shares. Having completed the previous program, the
Company began repurchases under the four-year, $8 billion program approved by
the Board of Directors in September 2012. Of the total shares repurchased
during the fiscal year, 15.3 million shares for approximately $789 million
were purchased under this program.

Futures Orders

As of the end of the quarter, worldwide futures orders for NIKE Brand athletic
footwear and apparel, scheduled for delivery from June through November 2013
totaled $12.1 billion, 8 percent higher than orders reported for the same
period last year. Changes in foreign currency exchange rates did not have a
significant impact on total reported futures orders growth.*

Discontinued Operations

The Company continually evaluates its existing portfolio of businesses to
ensure resources are invested in those businesses that are accretive to the
NIKE Brand and represent the greatest growth potential and highest returns.
During the 2013 fiscal year, the Company completed the divestures of the Umbro
and Cole Haan businesses, allowing the Company to focus resources on driving
growth in the NIKE, Jordan, Converse and Hurley brands.

For the 2013 fiscal year the Company’s net income from discontinued operations
was $21 million, which represents the net gain on the sale of these two
businesses, net of operating losses, divestiture transaction costs, and tax
expense. As of May 31, 2013 the Company had substantially completed all
transition services related to the sale of both businesses.

Conference Call

NIKE, Inc. management will host a conference call beginning at approximately
2:00 p.m. PT on June 27, 2013 to review fiscal fourth quarter and full year
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, July 4, 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.

                          (Additional Tables Follow)


NIKE, Inc.
CONSOLIDATED STATEMENTS OF INCOME
For the period ended May 31, 2013
                                                                                   
                 THREE MONTHS ENDED              %        TWELVE MONTHS ENDED             %
(Dollars in
millions,        5/31/2013    5/31/2012   Change   5/31/2013    5/31/2012   Change
except per
share data)
Income from
continuing
operations:
Revenues         $ 6,697         $ 6,236         7    %   $ 25,313        $ 23,331        8   %
Cost of sales    3,757        3,567       5    %   14,279       13,183      8   %
Gross profit       2,940           2,669         10   %     11,034          10,148        9   %
Gross margin       43.9      %     42.8      %              43.6      %     43.5      %
                                                                                          
Demand
creation           642             735           -13  %     2,745           2,607         5   %
expense
Operating
overhead         1,380        1,161       19   %   5,035        4,458       13  %
expense
Total selling
and                2,022           1,896         7    %     7,780           7,065         10  %
administrative
expense
% of revenue       30.2      %     30.4      %              30.7      %     30.3      %
                                                                                          
Interest
expense            3               1             -          (3        )     4             -
(income), net
Other expense    13           37          -65  %   (15       )   54          -   
(income), net
Income before      902             735           23   %     3,272           3,025         8   %
income taxes
Income taxes     206          176         17   %   808          756         7   %
Effective tax      22.8      %     23.9      %              24.7      %     25.0      %
rate
                                                                              
NET INCOME
FROM             696          559         25   %   2,464        2,269       9   %
CONTINUING
OPERATIONS
NET (LOSS)
INCOME FROM      (28       )   (10       )  -       21           (46       )  -   
DISCONTINUED
OPERATIONS
NET INCOME      $ 668         $ 549         22   %  $ 2,485       $ 2,223       12  %
                                                                                          
Earnings per
share from
continuing
operations:
Basic earnings
per common       $ 0.78          $ 0.61          28   %   $ 2.75          $ 2.47          11  %
share
Diluted
earnings per     $ 0.76          $ 0.60          27   %   $ 2.69          $ 2.42          11  %
common share
                                                                                          
Earnings per
share from
discontinued
operations:
Basic earnings
per common       $ (0.03     )   $ (0.01     )   -        $ 0.02          $ (0.05     )   -
share
Diluted
earnings per     $ (0.03     )   $ (0.01     )   -        $ 0.02          $ (0.05     )   -
common share
                                                                                          
Weighted
Average Common
Shares
Outstanding:
Basic              892.6           916.3                    897.3           920.0
Diluted            913.4           936.3                    916.4           939.6
                                                                                          
Dividends
declared per    $ 0.21        $ 0.18               $ 0.81        $ 0.70        
common share


NIKE, Inc.
CONSOLIDATED BALANCE SHEETS
As of May 31, 2013
                                                                
                                              May 31,    May 31,
(Dollars in millions)                        2013      2012      % Change
ASSETS
Current assets:
Cash and equivalents                          $ 3,337    $ 2,317    44    %
Short-term investments                          2,628      1,440    83    %
Accounts receivable, net                        3,117      3,132    0     %
Inventories                                     3,434      3,222    7     %
Deferred income taxes                           308        262      18    %
Prepaid expenses and other current assets       802        857      -6    %
Assets of discontinued operations             -        615     -100  %
Total current assets                            13,626     11,845   15    %
Property, plant and equipment                   5,500      5,057    9     %
Less accumulated depreciation                 3,048    2,848   7     %
Property, plant and equipment, net              2,452      2,209    11    %
Identifiable intangible assets, net             382        370      3     %
Goodwill                                        131        131      0     %
Deferred income taxes and other assets        993      910     9     %
TOTAL ASSETS                                 $ 17,584  $ 15,465  14    %
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt             $ 57       $ 49       16    %
Notes payable                                   121        108      12    %
Accounts payable                                1,646      1,549    6     %
Accrued liabilities                             1,986      1,941    2     %
Income taxes payable                            98         65       51    %
Liabilities of discontinued operations        18       170     -89   %
Total current liabilities                       3,926      3,882    1     %
Long-term debt                                  1,210      228      431   %
Deferred income taxes and other liabilities     1,292      974      33    %
Redeemable preferred stock                      -          -        -
Shareholders' equity                          11,156   10,381  7     %
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 17,584  $ 15,465  14    %


NIKE, Inc.
DIVISIONAL REVENUES^1
For the period ended May 31, 2013
                                                                                                    
                                                        % Change                                             % Change
                                                        Excluding                                            Excluding
               THREE MONTHS ENDED              %        Currency    TWELVE MONTHS ENDED             %        Currency
(Dollars in    5/31/2013    5/31/2012   Change  Changes     5/31/2013    5/31/2012   Change  Changes
millions)                                               ^2                                                   ^2
North
America
Footwear       $ 1,793         $ 1,668         7    %   8      %    $ 6,687         $ 5,887         14   %   14    %
Apparel          748             616           21   %   22     %      3,028           2,482         22   %   22    %
Equipment      173          140         24   %  24     %    672          470         43   %  43    %
Total            2,714           2,424         12   %   12     %      10,387          8,839         18   %   18    %
Western
Europe
Footwear         695             651           7    %   8      %      2,646           2,526         5    %   10    %
Apparel          280             332           -16  %   -15    %      1,261           1,377         -8   %   -4    %
Equipment      49           56          -13  %  -10    %    221          241         -8   %  -3    %
Total            1,024           1,039         -1   %   0      %      4,128           4,144         0    %   5     %
Central &
Eastern
Europe
Footwear         223             195           14   %   15     %      714             671           6    %   11    %
Apparel          113             111           2    %   3      %      483             441           10   %   14    %
Equipment      25           24          4    %  8      %    90           88          2    %  9     %
Total            361             330           9    %   11     %      1,287           1,200         7    %   12    %
Greater
China
Footwear         403             402           0    %   -1     %      1,493           1,518         -2   %   -3    %
Apparel          231             230           0    %   -1     %      829             896           -7   %   -9    %
Equipment      35           35          0    %  -2     %    131          125         5    %  3     %
Total            669             667           0    %   -1     %      2,453           2,539         -3   %   -5    %
Japan
Footwear         120             128           -6   %   10     %      429             439           -2   %   5     %
Apparel          77              91            -15  %   0      %      301             325           -7   %   -1    %
Equipment      17           22          -23  %  -9     %    61           71          -14  %  -9    %
Total            214             241           -11  %   4      %      791             835           -5   %   1     %
Emerging
Markets
Footwear         658             607           8    %   14     %      2,570           2,387         8    %   15    %
Apparel          239             213           12   %   18     %      918             815           13   %   19    %
Equipment      63           50          26   %  32     %    230          209         10   %  17    %
Total            960             870           10   %   16     %      3,718           3,411         9    %   16    %
Global Brand   33           27          22   %  16     %    117          111         5    %  8     %
Divisions^3
Total NIKE     5,975        5,598       7    %  8      %    22,881       21,079      9    %  11    %
Brand
Other            732             663           10   %   11     %      2,500           2,298         9    %   9     %
Businesses^4
Corporate^5    (10       )   (25       )  -      -          (68       )   (46       )  -      -     
Total NIKE,
Inc.
Revenues      $ 6,697       $ 6,236       7    %  9      %   $ 25,313      $ 23,331      8    %  11    %
From
Continuing
Operations
                                                                                                             
Total NIKE
Brand
Footwear       $ 3,892         $ 3,651         7    %   8      %    $ 14,539        $ 13,428        8    %   11    %
Apparel          1,688           1,593         6    %   8      %      6,820           6,336         8    %   10    %
Equipment        362             327           11   %   13     %      1,405           1,204         17   %   20    %
Global Brand   33           27          22   %  16     %    117          111         5    %  8     %
Divisions^3
^1 Certain prior year amounts have been reclassified to conform to fiscal year 2013 presentation. These changes had no
impact on previously reported results of operations or shareholders' equity.

^2 Fiscal 2013 results have been restated using fiscal 2012 exchange rates for the comparative period to enhance the
visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.

^3 Global Brand Divisions primarily represent NIKE Brand licensing businesses that are not part of a geographic
operating segment.

^4 Other businesses represent activities of Converse, Hurley, and NIKE Golf.

^5 Corporate revenues primarily consist of intercompany revenue eliminations and foreign currency revenue-related
hedge gains and losses generated by entities within the NIKE Brand geographic operating segments and certain Other
Businesses through our centrally managed foreign exchange risk management program.


NIKE, Inc.
                                                                    % Change

                     FISCAL YEAR ENDED                          Excluding

                                                                    Currency
SUPPLEMENTAL NIKE
BRAND REVENUE        5/31/2013       5/31/2012       % Change   Changes ^2
DETAILS^1
                      (Dollars in millions)
                                   
NIKE Brand
Revenues by:
Sales to
Wholesale             $   18,438       $   17,438       6    %      8      %
Customers
Sales Direct to           4,326            3,530        23   %      24     %
Consumers
Global Brand             117            111          5    %      8      %
Divisions
Total NIKE Brand
Revenues as           $   22,881      $   21,079       9    %      11     %
Reported
                                                                    
NIKE Brand
Revenues on a
Wholesale
Equivalent
Basis:^3
Sales to
Wholesale             $   18,438       $   17,438       6    %      8      %
Customers
Sales from our
Wholesale
Operations to            2,450          1,986        23   %      25     %
Direct to
Consumer
Operations
NIKE Brand
Wholesale             $   20,888      $   19,424       8    %      10     %
Equivalent
Revenues
                                                                    
NIKE Brand
Wholesale
Equivalent
Revenues by
Category:^3
Running               $   4,274        $   3,696        16   %      18     %
Basketball                2,627            2,169        21   %      22     %
Football (Soccer)         1,931            1,862        4    %      9      %
Men’s Training            2,380            2,064        15   %      17     %
Women’s Training          1,067            1,011        6    %      8      %
Action Sports             495              497          0    %      2      %
Sportswear                5,637            5,741        -2   %      1      %
Others^4                 2,477          2,384        4    %      6      %
Total NIKE Brand
Wholesale             $   20,888      $   19,424       8    %      10     %
Equivalent
Revenues
                                                                    
                                                            
^1Certain prior year amounts have been reclassified to conform to fiscal year
2013 presentation. These changes had no impact on previously reported results
of operations or shareholders' equity.

^2Fiscal 2013 results have been restated using fiscal 2012 exchange rates for
the comparative period to enhance the visibility of the underlying business
trends excluding the impact of foreign currency exchange rate fluctuations.

^3References to NIKE Brand wholesale equivalent revenues are intended to
provide context as to the total size of our NIKE Brand market footprint if we
had no Direct to Consumer operations. NIKE Brand wholesale equivalent revenues
consist of 1) sales to external wholesale customers, and 2) internal sales
from our wholesale operations to our Direct to Consumer operations which are
charged at prices that are comparable to prices charged to external wholesale
customers.

^4Others include all other categories and certain adjustments that are not
allocated at the category level.


NIKE, Inc.
                                                                    % Change

                     FISCAL YEAR ENDED                          Excluding

                                                                    Currency
SUPPLEMENTAL
OTHER BUSINESSES     5/31/2013       5/31/2012       % Change   Changes ^1
REVENUE DETAILS
                      (Dollars in millions)
Other Businesses:                  
Converse              $    1,449       $    1,324       9    %      9      %
NIKE Golf                  791              726         9    %      10     %
Hurley                    260            248         5    %      5      %
Total Revenues
for Other             $    2,500      $    2,298       9    %      9      %
Businesses
                                                                    
                                                            
^1 Fiscal 2013 results have been restated using fiscal 2012 exchange rates for
the comparative period to enhance the visibility of the underlying business
trends excluding the impact of foreign currency exchange rate fluctuations.


NIKE, Inc.
EARNINGS BEFORE INTEREST AND TAXES^1,2
For the period ended May 31, 2013
                                                                                 
               THREE MONTHS ENDED              %        TWELVE MONTHS ENDED             %
(Dollars in    5/31/2013    5/31/2012   Change   5/31/2013    5/31/2012   Change
millions)
North          $ 723           $ 562           29   %   $ 2,534         $ 2,030         25   %
America
Western          135             133           2    %     640             597           7    %
Europe
Central &
Eastern          84              71            18   %     259             234           11   %
Europe
Greater          242             247           -2   %     809             911           -11  %
China
Japan            42              43            -2   %     133             136           -2   %
Emerging         262             201           30   %     1,011           853           19   %
Markets
Global Brand   (373      )   (354      )  -5   %   (1,396    )   (1,200    )  -16  %
Divisions^3
TOTAL NIKE     1,115        903         23   %   3,990        3,561       12   %
BRAND
Other            127             105           21   %     456             385           18   %
Businesses^4
Corporate^5    (337      )   (272      )  -24  %   (1,177    )   (917      )  -28  %
TOTAL
EARNINGS
BEFORE        $ 905         $ 736         23   %  $ 3,269       $ 3,029       8    %
INTEREST AND
TAXES
^1 The Company evaluates performance of individual operating segments based on earnings before
interest and taxes (also commonly referred to as “EBIT”), which represents net income before
interest expense (income), net, and income taxes.

^2 Certain prior year amounts have been reclassified to conform to fiscal year 2013
presentation. These changes had no impact on previously reported results of operations or
shareholders' equity.

^3 Global Brand Divisions primarily represent NIKE Brand licensing businesses that are not
part of a geographic operating segment and selling general and administrative expenses that
are centrally managed for the Nike Brand.

^4 Other Businesses represent activities of Converse, Hurley, and NIKE Golf.

^5 Corporate consists of unallocated general and administrative expenses, which includes
expenses associated with centrally managed departments, depreciation and amortization related
to the Company’s corporate headquarters, unallocated insurance and benefit programs, certain
foreign currency gains and losses, including certain hedge gains and losses, corporate
eliminations and other items.


NIKE, Inc.
NIKE BRAND REPORTED FUTURES GROWTH BY GEOGRAPHY^1
As of May 31, 2013
                                                  
                          Reported Futures           Excluding Currency
                            Orders                      Changes ^2
North America               12           %              12          %
Western Europe              2            %              0           %
Central & Eastern           14           %              12          %
Europe
Greater China               3            %              0           %
Japan                       -17          %              6           %
Emerging Markets           12           %             12          %
Total NIKE Brand           8            %             8           %
Reported Futures
^1 Futures orders by geography and in total for NIKE Brand athletic footwear
and apparel scheduled for delivery from June 2013 through November 2013.

The reported futures and advance orders growth is not necessarily indicative
of our expectation of revenue growth during this period. This is due to
year-over-year changes in shipment timing and because the mix of orders can
shift between advance/futures and at-once orders and the fulfillment of
certain orders may fall outside of the schedule noted above. In addition,
exchange rate fluctuations as well as differing levels of order cancellations
and discounts can cause differences in the comparisons between advance/futures
orders and actual revenues. Moreover, a significant portion of our revenue is
not derived from futures and advance orders, including at-once and close-out
sales of NIKE Brand footwear and apparel, sales of NIKE Brand equipment, sales
from certain of our Direct to Consumer operations, and sales from our Other
Businesses.

^2 Reported futures have been restated using prior year exchange rates to
enhance the visibility of the underlying business trends excluding the impact
of foreign currency exchange rate fluctuations.

Contact:

NIKE, Inc.
Investor Contact:
Kelley Hall, 503-532-3793
or
Media Contact:
Kellie Leonard, 503-671-6171
 
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