Report on Nike By ABC Date Table of Contents TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc416442108 \h 2Background PAGEREF _Toc416442109 \h 2Business overview PAGEREF _Toc416442110 \h 3Operations PAGEREF _Toc416442111 \h 3Products PAGEREF _Toc416442112 \h 4Financial analysis PAGEREF _Toc416442113 \h 5Financial ratio analysis PAGEREF _Toc416442114 \h 5Liquidity ratios PAGEREF _Toc416442115 \h 6Current ratio PAGEREF _Toc416442116 \h 6Quick ratio PAGEREF _Toc416442117 \h 7Profitability ratio PAGEREF _Toc416442118 \h 7Gross profit ratio PAGEREF _Toc416442119 \h 8Net profit ratio PAGEREF _Toc416442120 \h 8Return on equity PAGEREF _Toc416442121 \h 8Return on asset PAGEREF _Toc416442122 \h 9Financial leverages ratios PAGEREF _Toc416442123 \h 9Debt ratio PAGEREF _Toc416442124 \h 9Debt to equity ratio PAGEREF _Toc416442125 \h 10Interest coverage ratio PAGEREF _Toc416442126 \h 10Working capital ratios PAGEREF _Toc416442127 \h 11Inventory turnover ratio PAGEREF _Toc416442128 \h 11Revenue per employee PAGEREF _Toc416442129 \h 12Investor’s ratio PAGEREF _Toc416442130 \h 12Price-earnings ratio PAGEREF _Toc416442131 \h 12Dividend payout ratio PAGEREF _Toc416442132 \h 13Dividend yield PAGEREF _Toc416442133 \h 13Cash flow ratios PAGEREF _Toc416442134 \h 13Cash exhaustion ratio PAGEREF _Toc416442135 \h 14Operating cash flow PAGEREF _Toc416442136 \h 14Common size analysis PAGEREF _Toc416442137 \h 14Income statement common size analysis PAGEREF _Toc416442138 \h 15Financial SWOT analysis of Nike PAGEREF _Toc416442139 \h 17Beta, coat of capital and required rate of return PAGEREF _Toc416442140 \h 20Conclusion PAGEREF _Toc416442141 \h 20Recommendations PAGEREF _Toc416442142 \h 21References PAGEREF _Toc416442143 \h 21Appendices PAGEREF _Toc416442144 \h 22 IntroductionNike Inc. is Multinational Corporation that deals with global customers by designing, developing, marketing and selling athletic footwear, accessories, equipments, apparel and other related services. It is incorporated in America. It has head quarter in Oregon and Beaverton. It is world’s largest seller of athletic footwear and apparel. Products are sold through retail stores. Internet websites are also used for selling products. It has 56,500 global employees as per 31 May 2014. Its consolidated revenue as per year ended 31 May 2014 is US$27,799 million. Its consolidated net income for year ended 31 May 2014 is US$2693 million. It has 322 and 536 retail stores in U.S and in non-U.S market respectively. Its sale in year 2014 was 46% of total revenue and 56% of total revenue from U.S and non-U.S market. CITATION Nik14 \l 1033 (Nike Inc, 2014) BackgroundIt was founded in 1964 by Bill Beaverton and his student Phil Knight with the name of Blue Ribbon Sports. Its first outlet was opened in 1966, and in 1972, first Nike brand shoe was launched. In 1978, this company was named as Nike Inc. It sold shares to general public after two years of renamed. In 21st century decade, it had more than 170 distribution centers and retail offices. Its logo was recognized in world as Swoosh logo. In late 1980, company expended its business by acquisitions and diversification in products. In 1988, Nike Inc acquired Cole Hahn. It acquired Bauer Hockey in 1994. In 2003, it acquired Converse Inc. In 2004, it acquired Starter. It acquired Umbro in 2008. CITATION bri13 \l 1033 ( It has many supplementary brands. These are Nike+, Nike Pro, Nike Golf, Nike stakeboarding and Air Jordan. Its retail stores are operated with name of Nike town. First store opened in 1990. Just do it is famous worldwide trademark. Company sponsored team players, athletes and professional players from different regions of world. It has two wholly owned subsidiary companies, one is Hurley and other is Converse. Hurley is headquartered in California and Converse is headquartered in Massachusetts. Business overviewNike business is to inspire every athlete with the aim of reaching his or her potential. Founder believed that there are wide possibilities of achieving human through sports. Its mission is to inspire every athlete through innovation. This innovation is used for company growth, inspiration and serving athlete. They are aiming to reach $30 billion in fiscal year 2015 and $36 in fiscal year 2017. Revenue for 2014 is $27 billion. Company believes that sustainable growth is necessary for every company. Revenue was $23 billion, $25 billion and $27 billion for fiscal year 2012 to 2014 respectively. CITATION nik14 \l 1033 ( IN 2014, Jordan and Converse got 60% market shares for footwear. In 2013, it was 57%. Nike Inc five performance of stock is 95% as compared to S&P, which is 30%. Company is aiming to incorporate sustainability in every business aspect for future profitability and growth. OperationsCompany started its operation as distributer for ASICS, shoemaker in Japan. First shoe was made for Otis Davis by Bowerman. It sold 1300 pair of shoes initially for ASICS, and expanded gradually in business. Company expanded its business as retailer in operations of distribution. In 1971 company ended contract with ASICS and opened its own footwear line. Carolyn Davidson designed Swoosh trademark. It was registered in 1974 as an official trademark. Company earned 50% market share in U.S in 1980 after engaging with first agency of advertisement in 1976. In 1980 it went public. Company expanded its business by acquiring different companies from 1988 to 2008. It owns only two subsidiaries now, Hurley international and Converse Inc. It made divestment from Starter in 2007, Bauer Hockey in 2008, Cole Hann in 2013 and Umbro in 2012 and focused on growth strategies. ProductsNike brand is offering products in eight support categories. These are running, basketball, Men’s and Women’s training, football, golf, action sports and sport wear. Its main three categories of products include clothing, wear and shoes. Jordan products are included in basketballs offering. U.S football and basketballs are included in Men’s training offering. Company also produced products for kinds as well as for other athletes. For example, products are offered for cricket, wrestling, tennis, walking, lacrosse and other outdoor activities. Top footwear categories as per selling percentage are from basketball, football, running and sportswear. Sport accessories and apparel are also produced and sold. Performance equipment are also sold like, sport balls, bags, socks, golf clubs, bats, digital devices and other protective equipment. Hurley distributed action sports and lifestyle accessories and apparel for youth. Converse designs and distributes accessories, apparel and other casual sneakers. It teamed up for Nike + from Apple Inc. It has factories in Asia for gaining competitive coat advantage from sale in India, Pakistan, Indonesia, Philippines, Thailand and Malaysia. It has 700 shops globally. Financial analysisThis section analyzes Nike Inc. in term of financial performance. Ratios used for analysis are liquidity, profitability, solvency, working capital, investors and cash flow ratios. Analysis of common size statement is also given. I compared three years from 2012 to 214 and evaluated performance on basis of these three years. For common size analysis, I converted each value of income statement and financial statement into percentage and compared with previous years. Competitor analysis is also given in report. One of its biggest competitors is Adidas. I compared financial ratios with it. I used consolidated financial statements for different ratio analysis. Financial ratio analysisRatio analysis provides overview of company performance and evaluates financial situation of company. Financial ratios can be used to compare company’s trends and used to make comparison with other firms. These are used to compare solvency of company. CITATION inv15 \l 1033 ( It is analytical tool used by financial manager to evaluate firm on basis of data presented in annual reports. Ratio shows relationship of items. For ratio analysis, it is necessary that two items should relate with each other in some context. Values from Balance sheet, income statement and cash flow statement are used to calculate ratios for investments purposes as well as for company’s overview. CITATION Baj99 \l 1033 (Bajkowski, 1999). Ratios are used to analyze company on basis of over and under performance. Financial strength of company is analyzed by using values from financial statements to calculate ratios. Liquidity ratiosLiquidity ratios provide estimation of ability of company to pay its short-term obligations like accounts payable, accrued expenses and creditors. These ratios are used to analyze profitability by calculating current, acid test and quick ratio. Liquid ratios are calculated by using cash as well as near cash values. These collectively called as current assets. Urgent or short-term obligations are compared with current assets. These obligations are termed as current liabilities. Higher ratio indicates good sign of making payment by company easily in near future. In case of lower ratio, company can have difficulties in meeting current debs and obligations. CITATION Sal11 \l 1033 (Saleem & Rehman, 2011)Current ratioCurrent ratio is calculated by comparing current assets with current liabilities while quick ratio is calculated by comparing quick assets with current liabilities. Quick assets are obtained by subtracting stocks from current assets. There is no hard and fast rule about value of ratio. Company will be liquid in case of higher ratios. I analyzed Nike Inc. on basis of current and liquid ratio to measure strength of liquidity. These ratios are compared on basis of three years from 2012 to 2014. Current ratio for 2012 is 2.89. It is 3.47 in 2013 and in 2014; its current ratio is 2.74. This shows increasing trend from 2012 to 2013 and decreasing trend from 2013 to 2014. In 2013, current assets of company were $13630 million but in 2014 current assets increased as $13696 million. Current liabilities decreased from $3962 million to $5027 in 2014. CITATION Nik14 \l 1033 (Nike Inc, 2014) It means that decrease in ratio is not because of current asset it is because of current liabilities. Ideal ratio shows that it should not be more than 2. Quick ratioQuick ratio from 2012 to 2014 is 1.82, 2.31 and 1.71 respectively. It again shows reduction in 2014. This is also because of increased current liabilities. Current assets are increased less than current liabilities as shown earlier. This ratio is above 1 which is acceptable. Cash ratio for company is 0.97, 1.52 and 1.02 from 2012 to 2014 respectively. By comparing these two ratios with Adidas, it can be concluded that company it having higher ratios than its competitor does. It means that it is more liquid. In 2014, current ratio of Adidas is 1.68. CITATION gur14 \l 1033 ( . Profitability ratioProfitability ratios provide indication of earnings generation of company as compared to its expenses. There are several ways to evaluate profitability of firm. Ratios include profit margin, return on equity and asset. It is important to evaluate about ratios on basis of past data. Comparison is important for making conclusion. This ratio is important as per investors point of view because high profits increase shareholders equity. Gross profit ratio is calculated by comparing gross profit with sales and multiplying with 100. Net profit ratio is calculated using net profit. These ratios are used for evaluating efficiency and performance of company. These are measured on basis on return and margin. Return ratios are used to measure efficiency of firm in generating return from assets and shareholders’ equity. Profit ratios provide efficiency as per performance by comparing profit generation capacity of firm from sales. Return on asset provides picture of firms earning by investing in assets. Return on equity is calculated by comparing net income with shareholders equity and it is most important ratio for investors as per investment point of view. Operating profit ratio is calculated by dividing EBIT with net sales. It provides efficiency of overall performance of company. CITATION Pea15 \l 1033 (Peavler)Gross profit ratioWhen I compared gross profit ratio of Nike Inc. it was concluded that this ratio is increasing with stability. From 2012 to 2014 ratios are 43%, 44% and 45% respectively. It means that with increase of years profitability of company is increasing. Net profit ratioNet profit ratio for company is 9%, 10% and 10% for three years. In 2014, net profit remains same but gross profit increased. It means that expenses increased in 2014 as compared to 2013. Return on equityReturn on equity also shows increasing trend from as 21% for 2012, 22% for 2013 and 25% for 2014. Efficiency as per asset management increased. CITATION nas15 \l 1033 ( comparing these ratios with Adidas provided surprising results. Its gross profit margin is 47% for year ended 2014. Return on equity for this company is 10.16%, which is less than Nike Inc. it means that as per generating from shareholders investments Nike Inc. is step forward from Adidas. Net profit margin of Adidas incorporation also shows decreasing behavior as compared to Nike Inc. It is 3.53, 5.43 and 3.37 from 2012 to 2014. Return on assetReturn on asset for Nike Inc is 14.37% for 2012, 14.13% for 2013 and 14.48% for 2014. It means that company is improving its efficiency as per generating from total assets. Financial leverages ratiosThese ratios provide view of solvency of company. It means that by calculating these ratios one can analyze that company can operate business in next coming years. Leverage ratios include debt to equity ratio and interest coverage ratio. These ratios provide clear view of company in eyes of lenders. Bank uses this ratio to evaluate financial standing as per ability to pay long-term debts of company. Debt ratio is calculated by dividing total liabilities with total assets. Debt to equity ratio is calculated by dividing total liabilities with shareholders equity. Interest coverage ratio is calculated by dividing operating income with interest expenses. For debt ratio ideal figure is 0.5. It means that assets should not be financed by debts more than half. Debt to equity ratio should be 1 in ideal situation. Interest coverage ratio is calculated by dividing operating income with interest payments. Higher ratio is better in this case. Debt ratioDebt ratio of company is 1.47% for 2012 and 2.71% for 2013. In 2014 ratio is 2.39%. Total liabilities are increasing as compared to previous year. Ideal ratio is 0.5 but in this case, this ratio is alarming for company. Debt to equity ratioDebt to equity ratio is 0.04, 0.13 and 0.12 from 2012 to 2014. Ratio shows that portion of debt in shareholders’ equity. Lower ratio is good for company. Interest coverage ratio Interest coverage ratio is 91.39, 143.26 and 94.26 from 2012 to 2014. CITATION sto151 \l 1033 ( In 2013 ratio was higher than 2014. Higher ratio is goo but for this company ratio is reduced in 2014, that is alarming. This increase may be due to more interest expenses or lower operating income. Debt to equity ratio for Adidas is 0.23 in 2012, 0.12 in 2013 and 0.28 in 2014. Debt to equity ratio for Nike is better than Adidas. Interest coverage ratio is 13.46 for 2014. This ratio is better in case of Nike again. Source: capital ratiosThese ratios provide overview of company’s management efficiency. These are related with working capital policy efficiencies. These ratios are used to evaluate efficiency of management in managing working capital. Four ratios are used widely to analyze efficiency of working capital. Inventory turnover, debtors day, revenue per employee and creditor day ratios are used to evaluate efficiency. Debtor day ratio is used to calculate how efficient company is in receiving debt from debtors. Creditor day ratio shows ability or efficiency of company in paying obligations to creditors. Inventory turnover ratio analyzed company ability in selling inventory. It analyzed how quick company is selling inventory after production. These three ratios should be less for showing better efficiency. Revenue per employee ratio is used to calculate that how much employees are contributing towards revenue generation. Inventory turnover ratio Inventory turnover ratio for Nike incorporation is 4.08 for 2012, 4.16 for 2013 and 3.89 for 2014. This ratio is decreasing that shows better management efficiency as per inventory selling. Debtor day ratio Debtor day is 7.36 for 2012, 8.12 for 2013 and 8.10 for 2014. Ratio of 2012 is best of three. Payable turnover Payable turnover is 8.60 for 2012, 8.67 for 2013 and 7.95 for 2014. From these three ratios, ratio of 2014 is best. Revenue per employeeRevenue per employee is 0.49 as per data of 2014, 1.83 in 2013 and 0.53 in 2012. Revenue per employee for Adidas is 0.27 in 2014, 0.21 for 2013 and 0.32 for 2012. It can be easy compared from above results that Nike Inc has more efficient work force than Adidas. Each employee of Nike Inc is producing more towards revenue than Adidas per employee contribution towards revenue. Investor’s ratioThese ratios provides picture of firm to investors. Investors use these ratios for decision making about particular investment. One important ratio is price-earning ratio. It is calculated by dividing price of one share with earning per share as name of ratio clearly identifying. Average ratio is 15 for good companies. This ratio can fluctuate on basis of environmental conditions and climate. Dividend yield ratio provides estimation of dividend as per price of share. It provides guideline for investors about their cash generating in return of investment. This ratio should be stable. It is calculated by dividing dividend with net income. It is used to evaluate that weather earning are supporting payment of dividend or not. Price-earnings ratioPrice-earnings ratio for Nike Inc. is 23.0 for year ended 31 may 2012. This ratio is 22.80 for year ended 31 may 2013. For 2014, it is 25.9. This ratio has been increased from 2013 to 2014. Dividend payout ratioIt declared dividend as 0.93 per share in 2014. In 2013, this dividend was 0.81 and it is 0.71 for 2012. Dividend payout ratio of Nike Inc. is 0.31 for 2014, 0.30 for 2013 and 0.29 for 2012. This ratio is showing increasing trend. Investors can evaluate from this ratio that company is increasing its dividend with smooth sustainability. Dividend yieldDividend yield ratio is calculated by dividing dividend with market price. Market price of share for 31 May 2014 is $75, 2013 is $60 and for 2012 is $52. CITATION yah15 \l 1033 (yahoo Dividend yield is 0.01 for 2014, 0.05 for 2013 and 0.005 for 2012. This ratio is also showing increasing trend. This ratio is always compared with market price. If two companies are paying same dividend but share of one company is trading on low price other is trading on high price. Then dividend yield for company with lower price would be preferable for investors. It means that only dividend cannot provide clear picture of company but it should be compared with market prices on which shares of company are trading. Cash flow ratiosCash flow ratios provide picture of sustainability and consistency of company’s cash flows. It provides strengths of company’s performance and future cash flows. This includes cash exhaustion, free cash flow and cash flows available to mature obligations. Cash exhaustion is calculated by comparing cash in hands with current liabilities. It analyzes that how much cash is available with company to pay its current liabilities within one year. Free cash flow is calculated by comparing cash flow from operating activities with capital expenditures. Another ratio is to compare that how much cash flow is available with company to mature its obligations. Cash exhaustion ratio For 2012 cash exhaustion ratio concludes that company’s current liabilities can be from with cash in hands available with company. This ratio is 217.89 in 2012 and 310.24 in 2013.Its free cash flow is 1.39, 2.61 and 2.34 from 2012 to 2014 respectively. Cash flow from operating activities was4, 5 and 3 times more in 2012 to 2014 than capital expenditures. It means that company is having good cash flow for meeting emergency requirement. This ratio evaluated that further financial is not required by company to meet requirement of capital expenditures. These capital requirements can be fulfilled from cash flow from operations. . Operating cash flow Operating cash flow are enough to pay liabilities. Ability to pay these current liabilities is more in 2014 than 2013 and 2012. Comparison of Nike Inc. cash flow ratios with Adidas provides clear picture that Nike Inc. has strong cash flow ratios as compared to Adidas. In 2013, it has negative cash flow that are alarming for company’s function. Common size analysis This analysis converts every item of balance sheet and income statement into percentage. After converting all items into percentages, it becomes easy for company to make comparison with previous years. Income statement common size analysisIncome statement of company provides clear view of increase or decrease in items. Revenue is increasing steadily from 2012 to 2014. In 2004, revenue increased by 9.8% and in 2013 it increased by 8.5% as compared to previous year. Cost of goods sales is also increasing but gross profit is in ascending order from 2012 to 2014. Gross profit increased by 12.8 % in 2014 as compared to previous year. In 2013, increase in gross profit was 8.7 %. Selling and administrative expenses also increased by 12.4 % in 2014. Net profit of company is increased by 8.9 % in 2014 while this increase percentage was 11.8 % in 2013. It means that in 2014 increasing percentage decrease that shows efficiency as per these expenses control. Balance sheet common size analysis In balance sheet, current assets are increased with minor percentage in 2014. This minor increase was due to reduction in cash and cash equivalents. These were decreased by 33% in 2014. Total assets increased by 6% in 2014. Current liabilities increased by 27% in 2014 as compared to previous year. This increase was due to increase in loan and further borrowing by company. Long-term debts were reduced by 1.6 % in 2014. Shareholders equity is also reduced by 2.3 % in 2014 as compared to previous year. Total liabilities and shareholders’ equity increased by 5.9%. Goodwill of company remained same for two years, 2013 and 2014. Tangible assets are also decreased in 2014 by 2.4%. Notes and accounts payable both are increased by 70% and 15 % in 2014. Long-term debt is decreased by minor percentage. Retained earnings are decreased by 13%. This decrease in retained earnings is due to dividend payment made to shareholders out of these earnings. Analysis of industry In this section analysis of overall industry ratio is given with Nike Inc. Comparison of Nike is made with Adidas. Sales growth of Nike Inc. is lower than average sales growth of industry. Nike Inc. has growth rate of 6.3% that is lower than 8.33% that is average growth rate of industry. P/E ratio of company is higher than industry. It is 28.90 but industry has value of 26.10. Gross profit margin is increasing but it is lower than industry average. Nike has market share as per revenue as 47.1 % and its biggest competitor has market share of 35.6%. Net profit margin of Nike Inc. is 10.1% while it is 9.01% for industry. It shows that company has good profitability ratios Return on asset ratio of company is approximately 15% that is higher than 12.80%. Current and quick ratios are also better than industry. Revenue per employee is higher than industry. Asset turnover is 1.60. For industry, this ratio is 1.40%. Return on investment is 20.70%, which is higher than 18.70% of industry. Receivable turnover is less than industry that shows that company is more efficient in receiving debt payments from debtors. Dividend yield is 1.10 that is less than industry. Industry’s average dividend yield is 1.50. Dividend payout ratio is more important than dividend yield ratio. This ratio is higher than industry. Nike has dividend payout ratio of 0.31 that is higher than industry. Industry has dividend payout ratio as 0.27. Price to book ratio is higher than industry. Price to free cash flow is also higher than industry. CITATION dai15 \l 1033 ( SWOT analysis of NikeRisk associated with financial performance is exchange rate differences. As per profitability ratios, it has lower gross profit and net profit margin ratios than industry. Other ratios are higher than industry. Profitability ratios are less because of high tax rates and other expenses faced by company. It has good financial, leverages and management ratios. Liquidity ratios are also higher than industry. Company is enjoying strengths on basis of these ratios. Adidas its biggest competitor is lagging behind it on profitability, leverages and management efficiency ratios. Sales growth of this company is less than industry’s average growth. Risk associated with company is cost inflation and increased interest rates. Credit losses are also higher that is another risk factor of increasing liabilities. Financial performance analysis with S&P 500 Above graph is representing total return of class B stocks of Nike Inc, total return of S&P 500 index, index of DOW JONES footwear and index of luxury goods, apparel and accessories. It assumes that $100 investment is made in Class B stocks, index of DOW Jones footwear, Steven Madden etc. Nike stocks return will have effect on DOW Jones index because it is part of Nike Inc. Source: above graph, performance of Nike stock is compared with its competitors. Red line is used for competitors and blue line is representing Nike. Inc. This graph reveals that Nike is performing well and other competitors are having fewer vales in stocks. This graph is representing only 2014 and 2015. For first three months, both stocks were having lower trend in value. After November stock price of competitors and Nike increased but prices for Nike are increased more than competitors. Another graph is given below to compare performance of Nike stocks with S&P 500 and other competitors for 2010-2014. Blue line is representing Nike, red line is representing other competitors and green line is representing S&P 500. From 2010 to 2012 stock prices of Nike were more than S&P 500 and other competitors. Competitors were having more prices and good performance from 2010 to 2013. In 2014, performance of both remains approximately same. Nike is performing better than overall S&P 500. Source:, coat of capital and required rate of returnBeta for company is calculated by using regression in Microsoft excels. Beta is dependent on three variables. First variable is company’s historical prices, second is S&P historical prices and third is beta for particular industry. Historical prices for 2014 were obtained from and beta was obtained from this website. Risk free rate of return is obtained from economic research websites. Prices for both Nike and S&P were arranged and closing values was calculated on adjusted basis. Formula used for calculation was Β adjusted = β estimated + 0.33 From this formula, adjusted value of beta was obtained from estimated value. Capital asset pricing model was used to calculate beta. This value represents investors return by using cost of equity. Company not used bond issues for raising funds. Company’s debt is very low that represent equity financing activity of company. Weighted average cost of capital for company is 11.34%. This is required rate of return for equity investors. Rate of return are different for equity and debt investors. Company is having safe value for debt investors. ConclusionIn this report I analyzed financial ratios of Nike Inc. I compared these ratios with competitors of Nike. Financial ratios used for analysis were cash flow, management, profitability, leverages and liquidity ratios. I also compared performance of company as compared to previous years by using common size analysis. Stock performance of company was compared with competitors and S&P 500. Beta and WACC is also calculated by using historical prices for 2014. Despite of some challenges, Nike is having good financial strength. Profitability ratios are weak than industry ratios but all other liquidity, management and leverages ratios are higher than industry. RecommendationsIt is recommended for company to reduce expenses and other risk factors like exchange rate risks by hedging processes. It should work for increase in sales and net profit margins. Investor’s ratios are higher than competitors .It is recommended for competitors to hold stocks of company. Prices of company’s stocks are increasing. It is recommended that investors should invest in this company because company is having good financial performance as well as dividend payout ratio. It is recommended that it is great chance for new investors to buy shares of company. Nike is growing fast and three years performance is showing increasing trend in financial stability and smooth growth. Its P/E ratio is also very good that provides chances for investors to purchase shares. References BIBLIOGRAPHY \l 1033 (n.d.). Adidas AG (OTCPK:ADDYY). Retrieved march 2014, from Bajkowski, J. (1999). FINANCIAL RATIO ANALYSIS: PUTTING THE NUMBERS TO WORK. AAII Journal, 1(1), 1-7. (n.d.). Nike, Inc. American Company. Retrieved March 2013, from (n.d.). financial ratios. Retrieved April 2015, from (n.d.). Ratio Analysis: Introduction. Retrieved march 2015, from (n.d.). KE Company Financials. Retrieved April 2015, from Nike Inc. (2014). NIKE, INC.ANNUAL REPORT ON FORM 10-K. 47-122. (n.d.). Business Overview. Retrieved MARCH 2014, from Peavler, R. (n.d.). Determining Profitability is Important to Company Investors. Retrieved april 2015, from Saleem, Q., & Rehman, R. U. (2011). Impacts of liquidity ratios on profitability. Interdisciplinary Journal of Research in Business, 1(7), 95-98. (n.d.). Long-term Debt and Solvency Analysis. Retrieved April 2015, from www.stock-analysis: Appendices

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