This is Iceland’s sixth general election since the 2008 financial crisis devastated the economy of the North Atlantic island nation and ushered in a new era of political instability. Opinion polls suggest the country may be in for another upheaval, with support for the three governing parties plunging. Benediktsson, who was named prime minister in April following the resignation of his predecessor, struggled to hold together the unlikely coalition of his conservative Independence Party with the centrist Progressive Party and the Left-Green Movement. Iceland, a nation of about 400,000 people, is proud of its democratic traditions, describing itself as arguably the world’s oldest parliamentary democracy. The island’s parliament, the Althingi, was founded in 930 by the Norsemen who settled the country. Here’s what to look for in the contest. Voters will choose 63 members of the Althingi in an election that will allocate seats both by regional constituencies and proportional representation. Parties need at least 5% of the vote to win seats in parliament. Eight parties were represented in the outgoing parliament, and 10 parties are contesting this election. Turnout is traditionally high by international standards, with 80% of registered voters casting ballots in the 2021 parliamentary election. A windswept island near the Arctic Circle, Iceland normally holds elections during the warmer months of the year. But on Oct. 13 Benediktsson decided his coalition couldn’t last any longer, and he asked President Halla Tómasdóttir to dissolve the Althingi. “The weakness of this society is that we have no very strong party and we have no very strong leader of any party,’’ said Vilhjálmur Bjarnson, a former member of parliament. “We have no charming person with a vision ... That is very difficult for us.” The splintering of Iceland's political landscape came after the 2008 financial crisis, which prompted years of economic upheaval after its debt-swollen banks collapsed. The crisis led to anger and distrust of the parties that had traditionally traded power back and forth, and prompted the creation of new parties ranging from the environment focused Left-Green Alliance to the Pirate Party, which advocates direct democracy and individual freedoms. “This is one of the consequences of the economic crash,’’ said Eva H. Önnudóttir, a professor of political science at the University of Iceland. “It’s just the changed landscape. Parties, especially the old parties, have maybe kind of been hoping that we would go back to how things were before, but that’s not going to happen.” Like many Western countries, Iceland has been buffeted by the rising cost of living and immigration pressures. Inflation peaked at an annual rate of 10.2% in February 2023, fueled by the fallout from the COVID-19 pandemic and Russia’s invasion of Ukraine. While inflation slowed to 5.1% in October, that is still high compared with neighboring countries. The U.S. inflation rate stood at 2.6% last month, while the European Union’s rate was 2.3%. Iceland is also struggling to accommodate a rising number of asylum-seekers, creating tensions within the small, traditionally homogenous country. The number of immigrants seeking protection in Iceland jumped to more than 4,000 in each of the past three years, compared with a previous average of less than 1,000. Repeated eruptions of a volcano in the southwestern part of the country have displaced thousands of people and strained public finances. One year after the first eruption forced the evacuation of the town of Grindavik, many residents still don’t have secure housing, leading to complaints that the government has been slow to respond. But it also added to a shortage of affordable housing exacerbated by Iceland’s tourism boom. Young people are struggling to get a foot on the housing ladder at a time when short-term vacation rentals have reduced the housing stock available for locals, Önnudóttir said. “The housing issue is becoming a big issue in Iceland,'' she said. —— Kirka reported from London.Get into the holiday spirit(s) with these festive pop-ups and menus at Vancouver bars
Vikings escape with 30-27 win over Bears in overtime thriller
Nine-Day Statewide Fete To Mark Victory of Public Governance
The field for the Olympic mixed doubles curling trials includes a who’s who of Canadian curling. The 16 teams announced Tuesday compete Dec. 30, 2024, to Jan. 4, 2025, in Liverpool, N.S., for the right to represent Canada at the 2026 Olympic Games in Milan-Cortina, Italy. Mixed doubles made its Olympic debut in 2018, when Canada’s Kaitlyn Lawes and John Morris claimed the first gold medal in Pyeongchang, South Korea. The 2025 trials winner must help qualify Canada for the Winter Games and will do that at the 2025 world championship April 26 to May 3 in Fredericton. The top eight countries in World Curling’s rankings will compete in Italy. The 2024 world mixed doubles championship was also a qualifying factor. Canada ranks fifth in the world after Colton and Kadriana Lott of Gimli, Man., reached the playoff round in Aberdeen, Scotland. The Lotts, Brendan Bottcher and reigning women’s world champion skip Rachel Homan, Lisa Weagle and John Epping, Laura Walker and Kirk Muyres, and the husband-and-wife duos of Jennifer Jones and Brent Laing, and Jocelyn Peterman and Brett Gallant, are in the trials field. Peterman and Gallant were world championship silver medallists in 2019 and Walker and Muyres, the top-ranked team in Canada, were bronze medallists in 2018. Eight teams gained entry to the Olympic trials via the 2024 national mixed championship, last season’s Canadian rankings or at one of three direct-qualifying events. The remaining eight top-ranked teams were confirmed after the Rocky Mountain Classic concluded Sunday in Banff and Canmore, Alta. The rest of the trials field includes Nancy Martin and Steve Laycock, Brittany Tran and Rylan Kleiter, Jennifer Armstrong and Tyrel Griffith, Riley Sandham and Brendan Craig, Taylor Reece-Hansen and Corey Chester, Anne-Sophie Gionest and Robert Desjardins, Melissa Adams and Alex Robichaud, Jessica Zheng and Victor Pietrangelo, Paige Papley and Evan Van Amsterdam, and the father-daughter duo of Jim Cotter and Jaelyn Cotter. Canada’s team trials will be Nov. 22-30 in Halifax. The mixed doubles trials were shifted to much earlier in the calendar to allow the winner more preparation time, particularly if those curlers aspire to represent Canada in both team and mixed doubles in Italy. No title sponsor nor broadcast partner has been announced yet for mixed trials. Games will be streamed on Curling Canada’s YouTube channel.Jane Gaudreau says return trip to Calgary ‘feels both therapeutic and healing’
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Russell Vought, one of the chief architects of Project 2025 — a conservative blueprint for the next presidency — is no fan of the federal government that President-elect Donald Trump will soon lead. He believes “woke” civil servants and “so-called expert authorities” wield illegitimate power to block conservative White House directives from deep within federal agencies, and wants Trump to “bend or break” that bureaucracy to his will, he wrote in the second chapter of the Project 2025 playbook. Vought is a vocal proponent of a plan known as Schedule F, under which Trump would fire thousands of career civil servants with extensive experience in their fields and replace them with his own political loyalists, and of Christian nationalism, which would see American governance aligned with Christian teachings. Both are core tenets of Project 2025. Throughout his campaign, Trump adamantly disavowed Project 2025, even though its policies overlapped with his and some of its authors worked in his first administration. He castigated anyone who suggested the blueprint, which polls showed was deeply unpopular among voters, represented his aims for the presidency. But last week, the president-elect nominated Vought to lead the Office of Management and Budget, which oversees the White House budget and its policy agenda across the federal government. Trump called Vought, who held the same role during his first term, an “aggressive cost cutter and deregulator” who “knows exactly how to dismantle the Deep State and end Weaponized Government.” The nomination was one of several Trump has made since his election that have called into question his claims on the campaign trail that Project 2025 was not his playbook and held no sway over him or his plans for a second term. He selected Tom Homan, a Project 2025 contributor and former visiting fellow at the Heritage Foundation, the conservative organization behind the blueprint, as his “border czar.” Trump named Stephen Miller, an immigration hard-liner also linked to Project 2025, as his deputy chief of staff for policy. Both also served in the first Trump administration. He also named Brendan Carr to serve on the Federal Communications Commission. Carr wrote a chapter of Project 2025 on the FCC, which regulates U.S. internet access and TV and radio networks, and has echoed Trump’s claims that news broadcasters have engaged in political bias against Trump. Trump named John Ratcliffe as his pick for CIA director and Pete Hoekstra as ambassador to Canada. Both are Project 2025 contributors. It has also been reported that the Trump transition team is filling lower-level government spots using a Project 2025 database of conservative candidates. During the campaign Trump said that he knew “nothing about” Project 2025 and that he found some of its ideas “absolutely ridiculous and abysmal.” In response to news in July that Project 2025’s director, Paul Dans, was leaving his post, Trump campaign managers Chris LaCivita and Susie Wiles — whom the president-elect has since named his chief of staff — issued a statement saying that “reports of Project 2025’s demise would be greatly welcomed.” Asked about Trump’s selection of several people with Project 2025 connections to serve in his administration, Trump transition spokeswoman Karoline Leavitt responded with a statement, saying Trump “never had anything to do with Project 2025.” “This has always been a lie pushed by the Democrats and the legacy media, but clearly the American people did not buy it because they overwhelmingly voted for President Trump to implement the promises that he made on the campaign trail,” Leavitt wrote. “All of President Trump’s cabinet nominees and appointments are whole-heartedly committed to President Trump’s agenda, not the agenda of outside groups.” Leavitt too has ties to Project 2025, having appeared in a training video for it. In addition to calling for much greater power in the hands of the president, Project 2025 calls for less federal intervention in certain areas — including through the elimination of the Department of Education. It calls for much stricter immigration enforcement and mass deportations — a policy priority of Trump’s as well — and rails against environmental protections, calling for the demolition of key environmental agencies such as the National Oceanic and Atmospheric Administration and the National Weather Service. It calls for tougher restrictions on abortion and for the federal government to collect data on women who seek an abortion, and backs a slew of measures that would strip rights from LGBTQ+ people. For Trump’s critics, his selections make it clear that his disavowal of the conservative playbook was nothing more than a campaign ploy to pacify voters who viewed the plan as too far to the right. It’s an argument many were making before the election as well. “There are many of us who tried to sound the alarm bell before the election,” when voters still had the power to keep such a plan from coming to fruition, said Ben Olinsky, senior vice president of structural reform and governance at the liberal Center for American Progress. Now, he said, he expects many of the more “draconian pieces” of Project 2025 to start being implemented given the nominees Trump has put forward. That includes Vought’s plan to eviscerate the career civil service, the core of American government, by doing away with merit-based staffing in favor of loyalty-based appointments, Olinsky said. “We know what happened before there was a merit-based civil service. There was cronyism in American government, and we can look back through history and see that kind of graft and cronyism,” Olinsky said. Filling the government with Trump loyalists will clear the way for more policies of Project 2025 to be implemented without resistance, Olinsky said. Olinsky said the Supreme Court and the Republican-controlled House have already proved they are not willing to stand up to Trump. There are “still some institutionalists” in the Senate — soon to be controlled by Republicans, as well — who could leverage their power to push back, he said, but it is not clear that they will. Incoming Senate Majority Leader John Thune, R-S.D., has signaled that he may be willing to do so: According to reports from his home state, he said at a local Chamber of Commerce event Tuesday that all presidents try to push policy through executive action, and that Congress “sometimes will have to put the brakes on.” In the end, Olinsky said, real resistance might come only once Americans start realizing that Trump’s new government, stripped of all of its experts, is failing them in serious ways. “They do care about their Social Security checks being delivered. They do care about the nation being defended properly. They care that, when they turn on the faucet, they will drink water that won’t sicken them and their kids,” Olinsky said. “And that’s what requires expertise.” ©2024 Los Angeles Times. Visit latimes.com. Distributed by Tribune Content Agency, LLC.Is ‘Glicked’ the new ‘Barbenheimer’? ‘Wicked’ and ‘Gladiator II’ collide in theatersBinghamton 75, LIU 70, OT
MSU Billings women's hoops ranked No. 3/12 in D-II coaches/media pollsSoccer player Edison Flores was seen camouflaged in a Lima nightclub, fueling rumors of a crisis in his relationship with Ana Siucho, who remains in the United States. Edison Flores, renowned soccer player from Universitario de Deportes, was captured on a night out in Lima, while his wife, Ana Siucho, is working in the United States. The images broadcast by the program ‘ love and fire ‘ show the player in a nightclub, accompanied by friends and wearing a cap to try to go unnoticed, which has generated comments and speculation about his personal life. Edison Flores is caught on nights out without Ana Siucho The popular ‘ Ears ‘was seen enjoying a night at the nightclub located in the Lince district. The program’ love and fire ‘ spread the images, generating comments about his personal life, since his wife, Ana Siucho, is in the United States. In the video, Flores appears accompanied by a group of friends and wearing a cap that covers much of his face, in an apparent attempt to go unnoticed. Rodrigo Gonzalez popularly known as ‘ stuffed animal ‘, he was quick to comment on the fact: “He is enjoying his nights in Lima. This is from yesterday at the Qiu Club nightclub in Lince. Hey, but is he so camouflaged? Those ears are unmistakable. Someone who saw him, recorded it.” Despite the rumors that his night out could generate, González clarified that Edison Flores was not seen flirting with anyone and that he was exclusively in the company of friends. “He’s not flirting with anyone, he’s with a group of male friends, while Ana is busy fighting with Grasse Becerra and he’s enjoying the Christmas preview,” the driver added. This type of public appearances has not gone unnoticed by his followers, who have expressed divided opinions on social networks. While some consider that the footballer has the right to enjoy his free time, others have questioned his attitude due to the absence of his wife and rumors about a possible crisis in his marriage. Join our entertainment channel
CHICAGO — It looked like the Vikings had put the game away for good on Sunday afternoon at Solider Field when a chip-shot field goal attempt from kicker Parker Romo sailed through the uprights in the final minutes. That made it 27-16 in favor of the Vikings with the Chicago Bears needing a miracle. They got it. After a big kick return put the Bears in very good field position, rookie quarterback Caleb Williams led an impressive drive, throwing a touchdown pass to receiver Keenan Allen to cut the deficit to 27-24. A blunder by the Vikings on the onside kick allowed the Bears to recover, then kicker Cairo Santos nailed a 48-yard field goal as time expired to tie the game at 27-27 and send it into overtime. In the extra session, veteran quarterback Sam Darnold took over for the Vikings. He went 6 for 6 passing on the final drive, setting up Romo for a game-winning field goal that helped the Vikings escape with a 30-27 win. The game looked like it was going to be a hot start for the Vikings after running back Aaron Jones got loose for a 41-yard gain. He was stripped of the ball at the goal line a couple of plays later, however, marking another missed opportunity for the Vikings in the red zone. That cracked the door open for the Bears, and the mobility of their rookie quarterback took centerstage. On a particular play, Williams avoided pressure from Andrew Van Ginkel off the edge, rolled to his right, then dropped a dime to D’Andre Swift along the sideline. That put the Bears in position to score, and running back Roschon Johnson found the into the end zone shortly thereafter to make it 7-0. In need of a response, the Vikings got it almost immediately when Darnold dropped back and unleashed a deep pass to receiver Jordan Addison. It was an incredible catch from Addison as he hauled it in while being dragged down from behind. On the very next play, Addison finished the drive, catching a touchdown pass in traffic to help the Vikings to tie the game at 7-7. The vibes shifted in favor of the Vikings on the following possession. It looked like the Bears had picked up a big gain when receiver Keenan Allen caught a ball along the sideline. After a challenge flag thrown by head coach Kevin O’Connell, however, the officials ruled that Allen did not get both feet in bounds. On the very next play defensive tackle Jerry Tillery blocked a field goal, and the Vikings kept the Bears off the board. That paved the way for the Vikings to take control as star receiver Justin Jefferson drew a 35-yard defensive pass interference penalty that put the ball in the red zone. A couple of plays later, Darnold found receiver Jalen Nailor for a touchdown to make it 14-7 in favor of the Vikings. After a punt by the Vikings, the Bears got a field goal Santos to cut the deficit to 14-10 at halftime. With an opportunity to take control coming out of halftime, Darnold found Addison with a perfect ball near the sideline that went for 69-yard gain. Unfortunately for the Vikings, they stalled out in the red zone, setting for a field goal from kicker Parker Romo to stretch the lead to 17-10. The biggest swing of the game came when receiver DeAndre Carter muffed a punt for the Bears, and edge rusher Bo Richter recovered the fumble for the Vikings. Not long after that, Jones atoned for his fumble with a touchdown to make it 24-10. After the Bears got a touchdown to cut the deficit to 24-16, it seemed like the Vikings put the game away with a field goal to restore the lead to 27-16. Not so fast. After an impressive drive by Williams helped cut the deficit to 27-24, the Bears recovered the onside kick. That set the stage for Santos to nail a 48-yard field goal to tie the score at 27-27 and send the game into overtime. In the extra session, the Vikings stepped up on defense by forcing a punt, then stepped up on offense with Darnold leading an impressive drive of his own. That set the stage for Romo and he nailed a 29-yard field goal to give the Vikings the win.
So, what’s so funny about peace, love and understanding?
The Gunvor Group has announced that its Rotterdam refinery is halting operations due to a shortage of supply in feedstock The company disclosed in a statement that the Refinery’s halt in operations begins November 25, 2024 The 75,000 barrels capacity per day plant is small compared to newer facilities springing up globally PAY ATTENTION: Got a Minute? Complete Our Quick Survey About Legit.ng Today! Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade The Gunvor Group announced it is temporarily stopping its Rotterdam refinery because it is not making enough money . This is the latest sign that Europe’s plants are struggling to compete with new facilities in other parts of the world. The list of refineries shutting down The company disclosed in a statement that the Refinery’s halt in operations will begin on November 25, 2024, due to the lack of prompt availability of viable feedstock. PAY ATTENTION: Legit.ng Needs Your Help! Take our Survey Now and See Improvements at LEGIT.NG Tomorrow A Bloomberg report said the Group disclosed that it will continue to monitor the situation and assess future resupply for the Refinery in due course. Read also NNPC reportedly suspends petrol imports by marketers as Dangote crashes prices further The 75,000 barrels capacity per day plant is small compared to newer facilities springing up globally. Yet, the plant joins a growing list of European refineries with plants to either halt operations or downsize. The list includes the Wesseling and Gelsenkirchen plants in Germany and the Grangemouth facility in Scotland. Dangote’s Refinery disrupts Europe’s market Europe ’s refineries face intense competition from the Dangote refinery. Rival fuel makers also send products to Europe, thus competing for market share elsewhere globally. The $20 billion Dangote Refinery in Lagos has been touted as a significant game-changer for petrol import and sales in Nigeria. It reportedly began exporting petrol to other Western African markets and is Africa’s most significant and the world’s biggest single-train Refinery. Dangote Refinery’s capacity According to reports, the pipeline infrastructure of the Dangote Refinery is the largest anywhere in the world, with 1,100 kilometres to handle three billion standard cubic feet of gas daily. Read also Naira-for-crude plan hits roadblock as NNPC fails to deliver agreed volume to Dangote It has a 435MW power plant and can meet the total power needs of Ibadan DisCo. The plant is expected to meet 100% of Nigeria’s petrol supply needs and have a surplus for export. It can process Nigerian and other crude grades from around the world. Dangote, Mexico’s refineries to overtake US, EU producers Legit.ng earlier reported that the Organisation of Petroleum Exporting Countries (OPEC) has revealed that the take-off of Dangote’s refinery in Nigeria and Dos Bocas refinery in Mexico would impact US and European plants. Until now, the two countries and other African countries were the major destinations for petrol produced in the US and Europe. Findings show that the Dos Bocas plant is a 340,000 bpd-capacity refinery, thus making Mexico self-sufficient in refined petroleum products. PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy! Source: Legit.ng
BEAVERTON, Ore.--(BUSINESS WIRE)--Dec 19, 2024-- NIKE, Inc. (NYSE:NKE) today reported fiscal 2025 financial results for its second quarter ended November 30, 2024. "After an energizing 60 days of being back with my NIKE teammates, our clear priority is to return sport to the center of everything we do," said Elliott Hill, President & CEO, NIKE, Inc. "We're taking immediate action to reposition our business, so we can get back to driving long-term shareholder value. Our team is ready to go, and I'm confident you will see more moments of NIKE being NIKE again." "NIKE's second-quarter financial performance largely met our expectations, as we continue to make progress in shifting our portfolio," said Matthew Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. "Under Elliott's leadership, we are accelerating our pace and reigniting brand momentum through sport." Second Quarter Income Statement Review November 30, 2024 Balance Sheet Review Shareholder Returns NIKE continues to have a strong track record of consistently increasing returns to shareholders, including 23 consecutive years of increasing dividend payouts. In the second quarter, the Company returned approximately $1.6 billion to shareholders, including: As of November 30, 2024, a total of 112.8 million shares have been repurchased under the program for a total of approximately $11.3 billion. Conference Call NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on December 19, 2024, to review fiscal second quarter results. The conference call will be broadcast live via the Internet and can be accessed at https://investors.nike.com . For those unable to listen to the live broadcast, an archived version will be available at the same location through approximately 9:00 p.m. PT, January 10, 2025. 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. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at https://investors.nike.com . Individuals can also visit https://news.nike.com and follow @NIKE. Forward-Looking Statements This press release contains forward-looking statements, which 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 U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K. * Non-GAAP financial measure. See additional information in the accompanying Divisional Revenues. NIKE, Inc. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) THREE MONTHS ENDED % SIX MONTHS ENDED % (In millions, except per share data) 11/30/2024 11/30/2023 Change 11/30/2024 11/30/2023 Change Revenues $ 12,354 $ 13,388 -8 % $ 23,943 $ 26,327 -9 % Cost of sales 6,965 7,417 -6 % 13,297 14,636 -9 % Gross profit 5,389 5,971 -10 % 10,646 11,691 -9 % Gross margin 43.6 % 44.6 % 44.5 % 44.4 % Demand creation expense 1,122 1,114 1 % 2,348 2,183 8 % Operating overhead expense 2,883 3,032 -5 % 5,705 6,079 -6 % Total selling and administrative expense 4,005 4,146 -3 % 8,053 8,262 -3 % % of revenues 32.4 % 31.0 % 33.6 % 31.4 % Interest expense (income), net (24 ) (22 ) — (67 ) (56 ) — Other (income) expense, net (8 ) (75 ) — (63 ) (85 ) — Income before income taxes 1,416 1,922 -26 % 2,723 3,570 -24 % Income tax expense 253 344 -26 % 509 542 -6 % Effective tax rate 17.9 % 17.9 % 18.7 % 15.2 % NET INCOME $ 1,163 $ 1,578 -26 % $ 2,214 $ 3,028 -27 % Earnings per common share: Basic $ 0.78 $ 1.04 -25 % $ 1.48 $ 1.99 -26 % Diluted $ 0.78 $ 1.03 -24 % $ 1.48 $ 1.97 -25 % Weighted average common shares outstanding: Basic 1,486.8 1,520.8 1,492.3 1,524.6 Diluted 1,490.0 1,532.1 1,495.9 1,537.7 Dividends declared per common share $ 0.400 $ 0.370 $ 0.770 $ 0.710 NIKE, Inc. CONSOLIDATED BALANCE SHEETS (Unaudited) November 30, November 30, % Change (Dollars in millions) 2024 2023 ASSETS Current assets: Cash and equivalents $ 7,979 $ 7,919 1 % Short-term investments 1,782 2,008 -11 % Accounts receivable, net 5,302 4,782 11 % Inventories 7,981 7,979 0 % Prepaid expenses and other current assets 1,936 1,943 0 % Total current assets 24,980 24,631 1 % Property, plant and equipment, net 4,857 5,153 -6 % Operating lease right-of-use assets, net 2,736 2,943 -7 % Identifiable intangible assets, net 259 269 -4 % Goodwill 240 281 -15 % Deferred income taxes and other assets 4,887 3,926 24 % TOTAL ASSETS $ 37,959 $ 37,203 2 % LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 1,000 $ — 100 % Notes payable 49 6 717 % Accounts payable 3,255 2,709 20 % Current portion of operating lease liabilities 481 456 5 % Accrued liabilities 5,694 5,470 4 % Income taxes payable 767 358 114 % Total current liabilities 11,246 8,999 25 % Long-term debt 7,973 8,930 -11 % Operating lease liabilities 2,562 2,785 -8 % Deferred income taxes and other liabilities 2,141 2,343 -9 % Redeemable preferred stock — — — Shareholders’ equity 14,037 14,146 -1 % TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 37,959 $ 37,203 2 % NIKE, Inc. DIVISIONAL REVENUES (Unaudited) % Change Excluding Currency Changes 1 % Change Excluding Currency Changes 1 THREE MONTHS ENDED SIX MONTHS ENDED (Dollars in millions) 11/30/2024 11/30/2023 % Change 11/30/2024 11/30/2023 % Change North America Footwear $ 3,236 $ 3,757 -14 % -14 % $ 6,448 $ 7,490 -14 % -14 % Apparel 1,693 1,668 1 % 1 % 3,024 3,147 -4 % -4 % Equipment 250 200 25 % 25 % 533 411 30 % 30 % Total 5,179 5,625 -8 % -8 % 10,005 11,048 -9 % -9 % Europe, Middle East & Africa Footwear 1,982 2,186 -9 % -12 % 3,934 4,446 -12 % -12 % Apparel 1,136 1,200 -5 % -8 % 2,129 2,337 -9 % -10 % Equipment 185 181 2 % -1 % 383 394 -3 % -4 % Total 3,303 3,567 -7 % -10 % 6,446 7,177 -10 % -11 % Greater China Footwear 1,203 1,361 -12 % -14 % 2,449 2,648 -8 % -8 % Apparel 472 469 1 % -3 % 832 870 -4 % -6 % Equipment 36 33 9 % 9 % 96 80 20 % 21 % Total 1,711 1,863 -8 % -11 % 3,377 3,598 -6 % -7 % Asia Pacific & Latin America Footwear 1,234 1,303 -5 % -4 % 2,286 2,444 -6 % -3 % Apparel 437 437 0 % 0 % 785 808 -3 % -1 % Equipment 73 65 12 % 10 % 135 125 8 % 10 % Total 1,744 1,805 -3 % -2 % 3,206 3,377 -5 % -2 % Global Brand Divisions 2 13 12 8 % -2 % 27 25 8 % 9 % TOTAL NIKE BRAND 11,950 12,872 -7 % -8 % 23,061 25,225 -9 % -9 % Converse 429 519 -17 % -18 % 930 1,107 -16 % -16 % Corporate 3 (25 ) (3 ) — — (48 ) (5 ) — — TOTAL NIKE, INC. REVENUES $ 12,354 $ 13,388 -8 % -9 % $ 23,943 $ 26,327 -9 % -9 % TOTAL NIKE BRAND Footwear $ 7,655 $ 8,607 -11 % -12 % $ 15,117 $ 17,028 -11 % -11 % Apparel 3,738 3,774 -1 % -2 % 6,770 7,162 -5 % -6 % Equipment 544 479 14 % 12 % 1,147 1,010 14 % 13 % Global Brand Divisions 2 13 12 8 % -2 % 27 25 8 % 9 % TOTAL NIKE BRAND REVENUES $ 11,950 $ 12,872 -7 % -8 % $ 23,061 $ 25,225 -9 % -9 % 1 The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. 2 Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. 3 Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program. NIKE, Inc. EARNINGS BEFORE INTEREST AND TAXES 1 (Unaudited) THREE MONTHS ENDED % SIX MONTHS ENDED % (Dollars in millions) 11/30/2024 11/30/2023 Change 11/30/2024 11/30/2023 Change North America $ 1,371 $ 1,526 -10 % $ 2,587 $ 2,960 -13 % Europe, Middle East & Africa 831 927 -10 % 1,623 1,857 -13 % Greater China 375 514 -27 % 877 1,039 -16 % Asia Pacific & Latin America 460 521 -12 % 862 935 -8 % Global Brand Divisions 2 (1,133 ) (1,168 ) 3 % (2,360 ) (2,373 ) 1 % TOTAL NIKE BRAND 1 1,904 2,320 -18 % 3,589 4,418 -19 % Converse 53 115 -54 % 174 282 -38 % Corporate 3 (565 ) (535 ) -6 % (1,107 ) (1,186 ) 7 % TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES 1 1,392 1,900 -27 % 2,656 3,514 -24 % EBIT margin 1 11.3 % 14.2 % 11.1 % 13.3 % Interest expense (income), net (24 ) (22 ) — (67 ) (56 ) — TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $ 1,416 $ 1,922 -26 % $ 2,723 $ 3,570 -24 % 1 The Company evaluates the performance of individual operating segments based on earnings before interest and taxes (commonly referred to as "EBIT"), which represents Net income before Interest expense (income), net and Income tax expense. Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures. Management uses these non-GAAP financial measures when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes these non-GAAP financial measures provide investors with additional financial information that should be considered when assessing the Company’s underlying business performance and trends. EBIT margin is calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. 2 Global Brand Divisions primarily represent demand creation and operating overhead expense, including product creation and design expenses that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. 3 Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses. View source version on businesswire.com : https://www.businesswire.com/news/home/20241219682756/en/ CONTACT: Investor Contact: Paul Trussell investor.relations@nike.comMedia Contact: Virginia Rustique-Petteni media.relations@nike.com KEYWORD: OREGON UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: FASHION FOOTWEAR RETAIL SPORTS DEPARTMENT STORES GENERAL SPORTS SOURCE: NIKE, Inc. Copyright Business Wire 2024. PUB: 12/19/2024 04:15 PM/DISC: 12/19/2024 04:15 PM http://www.businesswire.com/news/home/20241219682756/en
NIKE, Inc. Reports Fiscal 2025 Second Quarter Results
Fuller 9-15 6-9 27, Lasu 2-3 1-2 5, M.Davis 4-19 3-4 12, Lander 0-5 0-0 0, Strickland 7-11 2-4 17, Sheppard 1-3 2-4 4, Lee 2-3 0-0 5, Steele 0-3 0-0 0, Li 0-0 0-0 0. Totals 25-62 14-23 70. Benson 7-9 14-17 28, Walsh 3-7 1-4 7, Chenery 7-12 1-2 18, Lemond 0-0 0-0 0, Walker 2-6 3-5 8, Peterson 3-4 4-6 10, Ashe 0-5 2-4 2, Callahan-Gold 1-3 0-0 2. Totals 23-46 25-38 75. Halftime_LIU 32-24. 3-Point Goals_LIU 6-27 (Fuller 3-6, Lee 1-2, Strickland 1-4, M.Davis 1-10, Sheppard 0-1, Steele 0-1, Lander 0-3), Binghamton 4-16 (Chenery 3-5, Walker 1-4, Ashe 0-1, Benson 0-1, Peterson 0-1, Callahan-Gold 0-2, Walsh 0-2). Fouled Out_Lasu, Strickland. Rebounds_LIU 35 (Fuller 10), Binghamton 28 (Walsh 11). Assists_LIU 13 (Strickland 8), Binghamton 13 (Ashe 4). Total Fouls_LIU 28, Binghamton 21. A_237 (3,500).Sira Thienou scores 16 points, No. 18 Ole Miss women coast to 89-24 win over Alabama StateDie-hard Taylor Swift fans queue at daybreak for new Eras Tour merchandise at Target