Nike: Shoes as a leading economic indicator

Nike (NKE) reported earnings yesterday. They were mediocre. Revenue decreased two percent to $4.4 billion for the last quarter. Net income was $243.8 million or 50 cents, compared to $463.8 million or 92 cents in the period a year ago. The numbers were old news. They were within the bell shaped curve of what analysts expected.

What did come as something of a surprise was that worldwide future orders for Nike brand athletic footwear and apparel, scheduled for delivery during the current quarter, totaled $6.5 billion, 10 percent lower than orders reported for the same period last year.