Last Thursday afternoon,
2013 Nike Free Run Líneas Marrón Hombres Tienda Online Clearancesale 2014. Consigue 85% De Descuento, athletic apparel goliath Nike (NYSE:NKE) announced strong fourth quarter results. Revenue increased 7% year over year to $6.7 billion,
Nike Run Balanza gratuito 2014 Verde Mujeres Orange El Precio Bajo, modestly exceeding consensus expectations. Earnings per share surged 27% year over year to $0.76 per share due mostly to increased margins,
Nike Free Run 6.0 Spiderman respirables rosados ​​Mujeres Para Mujer / Para Hombre De Envío Gratis, better than consensus estimates. For the full year,
Nike Roshe Run Dyn Fw Mujeres Hombres carbono Cian Blanco Página Oficial Con 100% De Alta Calidad, free cash flow totaled $2.4 billion on $25 billion of sales.

A few items struck us as the prevailing stories in Nike’s fourth quarter and fiscal year 2013. First,
Nike Roshe Run Hombres Volt Cool Grey Entrega Rápida y Buen Clientes Servicios Están Garantizados,
2012 Nike Free Run 3.0 fourrure blanc pourpre femmes Outlet Store Liquidation Vente En Ligne 2014, the sustained success of Nike’s North American business is incredible. Revenue in Nike’s "mature" segment increased 12% year over year during the fourth quarter to $2.7 billion. For the full year,
2012 Nike Free Run 3.0 Piel Gris Blanco Mujeres Outletonline Tienda Es La Opción Ideal Para Usted, revenue in North America increased 18% year over year to $10.4 billion the first time the company has ever achieved sales in excess of $10 billion in any geographical segment. A wonderful combination of demand creation and inventory management on the footwear side is the strongest growth driver,
Nike Run Balanza gratuito 2014 Plum mujeres rojas Venta 2015 Con Alta Calidad y Envío Libre Ahora, in our view. For the full year,
Nike Roshe Run Yeezy Pink sacador mujeres calientes 100% De Garantía De Calidad y El Envío Libre,
Nike Free Run Powerlines Ii Gris Rosa Mujeres Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo, footwear added $1 billion in incremental sales in North America alone. Nike has done a fantastic job marketing its marquee Jordan,
Nike Free Run 4.0 V2 Noir Université Rouge Vous Obtiendrez Vous Vouliez Ici,
Nike Free Run 5.0 Tr Rojo Naranja Mujeres Son Venta Caliente. Bienvenido a 2015 Zapatos Outlet Store, LeBron James,
Nike Roshe Run Hombres Royal total Naranja acolchado Guardar Off50% -70%, Kobe Bryant,
2013 Nike Free Run Powerlines Noir Rouge arrivée Hommes Avec Une Qualité Supérieure Et à Bas Prix, and Kevin Durant basketball products to the point where several shoes sell out in just minutes. This scarcity helps keep consumers engaged and excited about the next major footwear product.

With demand so robust,
Nike Free Run 5.0 Tr Pink Mujeres Negras Una Semana Llegue a Su Puerta y Super Servicio Al Cliente,
Nike Free Run 6.0 Spiderman 2013 Negro Blanco Mujeres Ahorre Un 80%, the firm has been able to raise prices and control distribution meaning Nike sells a great percentage of the marquee shoe mix directly to consumers,
Nike Free Run 5.0 Blanco Azul Verde Mujeres Talones Con 100% De Garantía De Calidad y Envío Libre, which boosts profitability. We can see the impact on both the top and bottom lines,
Nike Free Run 4.0 2012 Azul Verde Mujeres Son Venta Caliente. Bienvenido a 2015 Zapatos Outlet Store, as Nike’s direct to consumer business revenue advanced 24% (excluding currency) year over year to $4.3 billion. North American operating income surged 25% year over year to $2.5 billion.

In stark contrast,
Nike Roshe Run Hombres Negro Blanco 2014 Nuevo Estilo, the growth market known as China continues to report lackluster results. Revenue (excluding currency) declined 1% during the fourth quarter,
Nike Free Run 5.0 V4 2014 Blanco Amarillo Mujeres Venga a Unirse a Nosotros Lo Más Pronto Posible, and for the entire year,
Nike Roshe Run Wmns Sherpa altos grises mujeres negras 100% De Garantía De Calidad y Entrega Rápida,
Nike Roshe Run Mujer Hombre Azul Oscuro fluorescencia verde Malla Envío Gratis Para Todo El Mundo,
Nike Roshe Run Mid Nero Sport Uomini rossi Risparmia Off 50%-70%, fell 5% (excluding currency) to $2.4 billion. We think there are several issues at work here. First,
Nike Free Run 4.0 V3 Azul Gris Mujeres Hombres Hasta 60% De Descuento No Hay Impuestos! Envío Gratis, we think it is evident economic growth in the country is slowing. Nike,
2012 Nike Free Run 5.0 V3 Negro Plata Mujeres Hombres y Mujeres, a discretionary name,
Nike Free Run 3.0 V3 2012 mujeres rojas Ahorre Dinero En Millones De Top Productos a Bajo Precio, is exposed to the type of customer that might feel the impact of slowing growth as opposed to simply the wealthy,
Nike Free Run 2 Verde Blanco Turquesa Entrega Rápida y Buen Clientes Servicios Están Garantizados, luxury consumers who may not notice the difference between 7% GDP growth and 10% GDP growth in the country.

Additionally,
Nike Free Run 5.0 V4 2014 Verde Mujeres Venta Worldwide Con Descuento Grande Y Entrega Libre Rápido, there is a thriving counterfeit market in China,
4.0 V2 Media Electric Purple Verde Volt Platinum Nike Elementi in primo piano sono primo arrivato,
Nike Run Balanza gratuito 2014 Gris Naranja Mujeres Envío Libre y Vuelve Con Devolución De 30 Días, and Nike is among the firms most exposed because it has manufacturing in the country. With economic growth slowing,
Nike Roshe Run Dyn Fw Negro Naranja Blanco Mujeres Hombres Ahorre 61% De Descuento y Envío Gratis, consumers may gravitate to purchase black market sneakers,
Nike Roshe Run Hombres Iguana Negro Nuestra Perfecta Calidad y Precio Razonable Haremos Satisfecho,
Nike Roshe Run Red Black Silver Mesh Femmes Hommes Vous Pouvez Toujours Trouver Out Your Favorite, especially when considering the shoes come from the same factories Nike uses. Since the love for basketball is so strong in China,
Nike Run Roshe Ejército Verde Amarillo Malla Hombres Nuestro Precio Es Muy Favorable,
2012 Nike Free Run 2 Rose verde Mujeres Una Semana Llegue a Su Puerta y Super Servicio Al Cliente,
Nike Free Run 5.0 V2 Green Army Men Ici Vous Pouvez Choisir Ce Que Vous Aimez Au Prix Le Plus Bas, we doubt Nike will have a hard time growing over the long term in the region,
2014 Nike Free Run Gimnasio Negro Rose Mujeres Hombres y Mujeres, but persistent worries about slowing growth and counterfeits could weigh on results in the near term.

Though performance in the Chinese market remains a concern,
Nike Free Run 5.0 V3 2014 mujeres rojas púrpuras Usted Puede Disfrutar Del Envío Rápido Gratuito,
Nike Roshe Run Red Black Silver Mesh Mujeres Hombres Los Productos Destacados Son Primero Llegado, we think the story on the cost side of the equation is more compelling. Gross margins were only 10 basis points higher than a year ago for fiscal year 2013,
2014 Nike Free Run Gimnasio Negro Verde Hombres Usted Recibirá Usted Quería Aquí,
Nike Roshe Run Dyn Fw lightGray Mujeres Hombres Hombres y Mujeres, coming in at 43.6%,
Nike Free Run 3.0 V4 Rojo Púrpura Mujeres Compra Ya Save Off 40% -60%, but we saw some cost pressures in the fourth quarter,
Nike Free Run 3.0 V4 lobo gris Reflect Silver Blue Glow Sale Con La Variedad De Estilos y Colores, with gross margins registering 43.9% (30 basis points higher than the annual mark). Material costs have moderated,
Nike Free Run 3.0 V4 Gris Mujeres Tienda Online Venta Liquidación 2014, but there have been wage increases weighing on the overall mix. Nike is working on eliminating labor as much as possible in the process,
2013 Nike Free Run Powerlines 2012 Gris Azul Hombres Se Openning Para Usted En Nuestra Tienda Online, as retiring Nike Brand President Charlie Denson noted on the fourth quarter conference call:

I think the longer term solution to addressing a lot of these labor cost issues is really engineering the labor out of the product and that really is with technologies and innovations like Flyknit and there are a number of others that we have in the pipeline that are aimed at the same thing,
Nike Free Run 2 Negro Blanco Azul Amarillo Ahorre Dinero En Millones De Top Productos a Bajo Precio,
Nike Free Run 3.0 2s Lana pelle d’inverno Grigio Vino uomini rossi In vendita con prezzo scontato.

(click to enlarge)

Image Source: Nike Q4 FY2013 Earnings Release

Looking ahead,
Mujeres Nike Free Run 3.0 V4 azul de Tiffany acolchado Ha Sido Amplia Popular Durante Muchos Años,
Nike Free Run 2 Oro Rojo Negro Blanco A La Venta Con El Envío Libre. El Precio Bajo, the company provided a strong future orders outlook,
Mujeres Nike Free Run 3 Gimnasio Rojo Blanco Reflexionar Plata Volt Para Barato Zapatos Para Hombre, primarily in North America,
Nike Free Run 3.0 Chrome Yellow Reflexionar platino plata blanca Ahorra Hasta Un 50% De Descuento, Central Eastern Europe,
Nike Free Run 2 Escudo de Stealth Negro Gris Amarillo Precio Bajo,
2013 Nike Free Run 5.0 Olímpico Rosa Gris Mujeres En Línea Con Descuento Grande y El Envío Rápido, and Emerging Markets. For fiscal year 2014,
Nike Free Run 5.0 Blanco Azul Verde Mujeres En Línea Con El Descuento Más Grande y El Envío Libre,
Nike Roshe Run edad Mujeres Hombres Marina Volt A La Venta Con El Envío y El Descuento Más Grande, the company anticipates low double digit earnings per share expansion,
2012 Nike Free Run 3.0 Negro de plata de la Mujer Venga a Unirse a Nosotros Lo Más Pronto Posible, as well as a 25 basis point increase in gross margin. SG will grow in the low double digits for the year,
Nike Free Run 5.0 Tr verde azul Mujeres Ahorra Hasta Un 65% Al Hacer Compras En Nuestro Outlet Store,
Nike Roshe Run Nm Breeze Negro Hombres Entrega Rápida y Buen Clientes Servicios Están Garantizados, but Nike has shown that its internal investments often pay off via top line revenue growth and incremental gross margin growth.

Valuentum’s TakeOverall,
Nike Free Run 4.0 V2 lobo gris reflectante Plata Cool Grey Precio Más Bajo,
Nike Roshe Run PRM Mujeres Red White Sail acolchado Factory Outlet Tienda Online Ahorre Hasta Un 60%, we were pleased with Nike’s 2013 fiscal year,
4.0 V2 Stealth riflettente argento Volt Nike Free Run Donne Saldi online risparmia fino al 40-75%, and we are confident the company will continue to produce major footwear hits. In fact,
Nike Free Run 2014 Red White Men Una settimana arrivare alla tua porta e Super Customer Service,
2014 Nike Free Run Gimnasio Blancas Mujeres Negras Ahorra Hasta Un 65% De Descuento y Envío Gratis, the only regions where growth looked weak (Western Europe and China) have broader economic issues at play that are likely more powerful than Nike could overcome. Nevertheless,
2012 Nike Free Run 3.0 V2 Light Negro Azul Mujeres Envío Libre y Vuelve Con Devolución De 30 Días,
Nike Free Run 5.5 Laine Peau d’hiver Hommes Noir Blanc Avec Meilleur Prix Et De Qualité Supérieure, we think both of these regions could be weak again in fiscal year 2014. Our valuation remains unchanged,
Wmns Nike Free Run 3.0 V5 2014 Gris Naranja Mujeres El Precio Bajo, but Nike is a high quality name we’d love to add to the portfolio of our Best Ideas Newsletter at the right price (below the low end of our fair value estimate range).

Source: Why North America Remains Nike MVP

Disclosure: I have no positions in any stocks mentioned,
2014 Nike Free Run Gimnasio Hombres blancos Hasta 50% De Descuento. Envío Gratis Para Todo El Mundo, and no plans to initiate any positions within the next 72 hours. I wrote this article myself,
Mujeres Nike Free Run 3 Soar Azul Rflct Plata Pro Platinum Volt Para Baratos Pero Real Para Hombre, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. (More.)

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