Nike’s fiscal first-quarter profit has increased slightly, mostly on the back of cost cutting efforts that were undertaken by the sportswear giant earlier this year. However, Nike’s profits have managed to exceed analyst expectations and the company expects cost cutting efforts to dominate the results for the near future.
 
After Nike made the results public, its shares rose 4.3 percent to $62.68 in after-hours trading on Tuesday, marking a dramatic comeback from its three-year-low of $38.24 in March. Nike reported earnings of $513 million, or $1.04 per share, this quarter, which is up from its earnings of $510.5 million, or $1.03 …read more

Athletic gear giant Nike watched the value of its shares tumble almost 5 percent today after it released a report outlining its pessimistic outlook and underperformance. Nike blames this drop on a disappointing decrease in forward orders, especially in Europe, and a falling demand for athletic gear thanks to the recession.
Nike has not denied that this year, and even next year, will be difficult, assuring analysts that the company expects to barely turn a profit, if that. Still, Nike’s CEO, Mark Parker, acknowledges that Nike will eventually recover, even though it is on a much longer path to recovery than …read more

The Business Coalition for Innovative Climate and Energy Policy (BICEP) announced today that three new members would be joining this organization, which was started four months ago by Ceres. Joining founding companies Timberland, Nike, Sun Microsystems, Starbucks, and Levi Strauss are Gap, eBay, and Symantec.
The new members were introduced at a business breakfast and policy forum, hosted by Ceres at the Willard Hotel in Washington, D.C. The group hopes that by joining forces, they’ll have a louder voice in calling for strong U.S. climate and energy policies over the next year. EPA administrator Lisa Jackson opened the forum today, saying,
“Leadership …read more

Nike is talking trash with the development of a basketball sneaker made entirely from manufacturing waste. Steve Nash, the All-Star Guard for the Phoenix Suns, helped in the creation and debuted the shoe at a NBA game last night, according to TreeHugger. In a press release, Nash said “Any opportunity to promote the environment and preserve our planet is a step in the right direction.”
How does the shoe fit green? Find out at TreeHugger