Red Dirt RubyConf 2011

  • Keynote
    Aaron Patterson
    Open source contributions include:
    ARel, Nokogiri, and Mechanize
    Aaron Patterson - AT&T Interactive
  • Keynote
    Dr Nic Williams
    Open source contributions include:
    Hudson.rb, RoR Textmate Bundle, and ChocTop
    Dr Nic Williams - Engine Yard
  • Conference Themes
    images for nike air max
    ´╗┐Nike warns FX fluctuations to slam profit NEW YORK: Nike Inc on Thursday warned Wall Street that growing pressures from weaker currencies in key emerging markets would take a big toll on its profit in the current quarter and into the next fiscal year. The maker of sports shoes and apparel also said sales in China would be unchanged or even down slightly this quarter, reawakening concerns it is having trouble finding its bearings in that market after signs of progress in recent quarters. Chief Financial Officer Donald Blair told analysts on a call that the devaluation of developing market currencies against the US dollar "will be a significant drag on next year's reported revenue, gross margin and profit growth." Blair said Nike now expects earnings per share in the fiscal year beginning in June that will be "somewhat" below the company's mid teens percentage target. Nike gets about 30% of its revenue from emerging markets, China and Eastern and Central Europe. Still, the fundamentals of Nike's business were solid, with strong demand for its merchandise heading into the World Cup soccer tournament in June and July. Orders for Nike branded shoes and clothing scheduled for delivery between March and July 2014, a gauge of demand Nike calls "futures orders," rose 14% globally, excluding the impact of currency fluctuations, led by a nike plus 30% jump in Western Europe. The company also reported a better than expected profit for the third quarter ended February 28, helped by a large jump in revenue in Western Europe, where it competes with Adidas AG. Nike has been spending heavily on marketing ahead of the World Cup, which Brazil will host this summer. Total revenue rose 12.7% to US$6.97bil for the quarter ended February 28, above the US$6.69bil analysts were expecting, according to Thomson Reuters I/B/E/S. In China, where Nike has grappled with the lingering effects of excess inventory and intense competition from rivals cutting prices in recent years, sales rose 7 percent. "They continue to produce items that resonate with shoppers globally," said Edward Jones analyst Brian Yarbrough. "They're gaining share in each of their markets." Still, the poor forecasts for China were worrisome, Yarbrough said. Nike earned US$685mil, or 76 cents a share, in its fiscal third quarter ended Feb nike 180 28, compared to US$866mil, or 73 cents per share a year earlier. Excluding discontinued operations, Nike had a profit of 76 cents per share for nike 3 wood the quarter, four cents better than Wall Street had expected. Reuters