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PART II
Consolidated Operating Results
Revenues
(Dollar in millions) Fiscal 2012 Fiscal 2011
FY12 vs. FY11
% Change
FY12 vs. FY11
% Change
Excluding
Currency
Changes(1) Fiscal 2010
FY11 vs. FY10
% Change
FY11 vs. FY10
% Change
Excluding
Currency
Changes(1)
NIKE, Inc. Revenues:
NIKE Brand Revenues by:
Footwear $ 13,426 $ 11,518 17% 15% $ 10,301 12% 12%
Apparel 6,333 5,513 15% 13% 5,026 10% 10%
Equipment 1,202 1,018 18% 16% 1,030 -1% -2%
Global Brand Divisions 111 96 16% 13% 86 12% 16%
Total NIKE Brand 21,072 18,145 16% 15% 16,443 10% 10%
Other Businesses 3,095 2,786 11% 11% 2,564 9% 8%
Corporate(2) (39) (69) — — 7 — —
TOTAL NIKE, INC. REVENUES $ 24,128 $ 20,862 16% 14% $ 19,014 10% 10%
Supplemental NIKE Brand
Revenues Details:
NIKE Brand Revenues by:
Sales to Wholesale Customers $ 17,431 $ 15,173 15% 14% 13,876 9% 9%
Sales Direct to Consumer 3,530 2,876 23% 21% 2,481 16% 16%
Global Brand Divisions 111 96 16% 13% 86 12% 15%
TOTAL NIKE BRAND REVENUES $ 21,072 $ 18,145 16% 15% $ 16,443 10% 10%
NIKE Brand Revenues on a
Wholesale Equivalent Basis:(3)
Sales to Wholesale Customers $ 17,431 $ 15,173 15% 14% $ 13,876 9% 9%
Sales from our Wholesale Operations
to Direct to Consumer Operations 1,978 1,598 24% 22% 1,347 19% 18%
NIKE BRAND WHOLESALE
EQUIVALENT REVENUES $ 19,409 $ 16,771 16% 14% $ 15,223 10% 10%
NIKE Brand Wholesale Equivalent
Revenues by Category:(3)
Running $ 3,702 $ 2,795 32% 31% $ 2,134 31% 30%
Basketball 2,230 1,908 17% 16% 1,711 12% 11%
Football (Soccer) 2,006 1,765 14% 12% 1,650 7% 8%
Men’s Training 2,007 1,698 18% 17% 1,459 16% 15%
Women’s Training 1,015 842 21% 19% 739 14% 13%
Action Sports 499 470 6% 5% 403 17% 17%
Sportswear 5,560 5,150 8% 6% 5,018 3% 3%
Others(4) 2,390 2,143 12% 10% 2,109 2% 2%
TOTAL NIKE BRAND
WHOLESALE EQUIVALENT
REVENUES $ 19,409 $ 16,771 16% 14% $ 15,223 10% 10%
(1) Results have been restated using actual exchange rates in use during the comparative period to enhance the visibility of the underlying business trends by excluding the impact of
translation arising from foreign currency exchange rate fluctuations.
(2) Corporate revenues primarily consist of intercompany revenue eliminations and foreign currency revenue-related hedge gains and losses generated by entities within the NIKE Brand
geographic operating segments and certain Other Businesses through our centrally managed foreign exchange risk management program.
(3) References to NIKE Brand wholesale equivalent revenues are intended to provide context as to the overall current NIKE Brand market footprint on a wholesale revenue basis. NIKE Brand
wholesale equivalent revenues consist of 1) sales to external wholesale customers and 2) internal sales from our wholesale operations to our Direct to Consumer operations at prices that
are comparable to prices charged to external wholesale customers. NIKE Brand wholesale equivalent revenues do not include the estimation of sales made by NIKE Brand licensees as the
amounts are not material.
(4) Others include all other categories and certain adjustments that are not allocated at the category level.
NIKE, INC. Š2012 Form 10-K 19