Nike Annual Report Analysis
In January of 1964 Phillip Knight a University of Oregon track athlete and Bill Bowerman, Knight’s coach, founded Blue Ribbon Sports. Their company became incorporated in 1968 and is known today worldwide as Nike. Nike leads the world in the design process, marketing and distribution of a quality, innovative world leading athletic product ranging from footwear, apparel, equipment, and a large variety of accessories for a number of sports and leisure activities. Nike has grown to solely own subsidiaries such as: Converse Inc. who designs and distributes athletic footwear, apparel and accessories. Hurley International which designs, markets and distributes youth and adult action sports apparel, footwear, and accessories. Cole Haan who designs, markets, and distributes luxury footwear, accessories, coats, and handbags. Umbro LTD is a leading soccer brand in the United Kingdom and subsidiary of Nike. Nike of course has the Nike brand itself as well as the world recognized Jordan brand. Nike’s world headquarters is located near Beaverton, Oregon just outside of Portland. Nike is a worldwide brand and organization that operates in over 160 countries. The following information will be used in an effort to analyze Nike’s most recent annual report as well as the most current financial reports and status.
To help ensure the integrity if the company’s financial statements as well as complying with legal and regulatory requirements Nike has an audit committee. This committee is to help give assistance to the board on fulfilling its legal and trustworthy status between trustee and beneficiary. This guidance is performed through the matters involving auditing, accounting, financial reporting, and internal controls of the company. The audit committee also prepares reports required by the Securities Exchange Commission (SEC) to be included in the annual report. The Audit Committee consists of...