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FINANCIAL HISTORY
(in millions, except per share data and financial ratios)
YEAR ENDED MAY 31, 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
                     
Revenues $9,553.1 $9,186.5 $6,470.6 $4,760.8 $3,789.7 $3,931.0 $3,405.2 $3,003.6 $2,235.2 $1,710.8
Gross margin 3,487.6 3,683.5 2,563.9 1,895.6 1,488.2 1,544.0 1,316.1 1,153.1 851.1 636.0
Gross margin % 36.5% 40.1% 39.6% 39.8% 39.3% 39.3% 38.7% 38.4% 38.1% 37.2%
Restructuring charge 129.9 - - - - - - - - -
Net income 399.6 795.8 553.2 399.7 298.8 365.0 329.2 287.0 243.0 167.0
Basic earnings per common share 1.38 2.76 1.93 1.38 1.00 1.20 1.09 0.96 0.81 0.56
Diluted earnings per common share 1.35 2.68 1.88 1.36 0.99 1.18 1.07 0.94 0.80 0.56
Average common shares outstanding 288.7 288.4 286.6 289.6 298.6 302.9 301.7 300.4 299.1 297.7
Diluted avg. common shares outstanding 295.0 297.0 293.6 294.0 301.8 308.3 306.4 304.3 302.7 300.6
Cash dividends declared per common share 0.46 0.38 0.29 0.24 0.20 0.19 0.15 0.13 0.10 0.07
Cash flow from operations 517.5 323.1 339.7 254.9 576.5 265.3 435.8 11.1 127.1 169.4
Price range of common stock                    
High 64.125 76.375 52.063 20.156 18.688 22.563 19.344 13.625 10.375 4.969
Low 37.750 47.875 19.531 14.063 10.781 13.750 8.781 6.500 4.750 2.891
AT MAY 31,                    
Cash and equivalents $108.6 $445.4 $262.1 $216.1 $518.8 $291.3 $260.1 $119.8 $90.4 $85.7
Inventories 1,396.6 1,338.6 931.2 629.7 470.0 593.0 471.2 586.6 309.5 222.9
Working capital 1,828.8 1,964.0 1,259.9 938.4 1,208.4 1,165.2 964.3 662.6 561.6 419.6
Total Assets 5,397.4 5,361.2 3,951.6 3,142.7 2,373.8 2,186.3 1,871.7 1,707.2 1,093.4 824.2
Long-term debt 379.4 296.0 9.6 10.6 12.4 15.0 69.5 30.0 25.9 34.1
Redeemable Preferred Stock 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Common shareholders' equity 3,261.6 3,155.9 2,431.4 1,964.7 1,740.9 1,642.8 1,328.5 1,029.6 781.0 558.6
Year-end stock price 46.000 57.500 50.188 19.719 14.750 18.125 14.500 9.938 9.813 4.750
Market capitalization 13,201.1 16,633.0 14,416.8 5,635.2 4,318.8 5,499.3 4,379.6 2,993.0 2,942.7 1,417.4
FINANCIAL RATIOS                    
Return on equity 12.5% 28.5% 25.2% 21.6% 17.7% 24.5% 27.9% 31.7% 36.3% 34.5%
Return on assets 7.4% 17.1% 15.6% 14.5% 13.1% 18.0% 18.4% 20.5% 25.3% 21.8%
Inventory turns 4.4 4.8 5.0 5.2 4.3 4.5 3.9 4.1 5.2 5.1
Current ratio at May 31 2.1 2.1 1.9 1.8 3.2 3.6 3.3 2.1 3.1 2.9
Price/Earnings ration at May 31 (Diluted) 34.1 21.5 26.6 14.5 14.9 15.3 13.5 10.5 12.2 8.6
GEOGRAPHIC REVENUES                    
United States $5,452.5 $5,529.1 $3,964.7 $2,997.9 $2,432.7 $2,528.8 $2,270.9 $2,141.5 $1,755.5 $1,362.2
Europe 2,143.7 1,833.7 1,334.3 980.4 927.3 1,085.7 919.8 664.7 334.3 241.4
Asia/Pacific 1,255.7 1,245.2 735.1 515.6 283.4 178.2 75.7 56.2 29.3 32.0
Canada, Latin America, and other 701.2 578.5 436.5 266.9 146.3 138.3 138.8 141.2 116.1 75.2
Total Revenues $9,553.1 $9,186.5 $6,470.6 $4,760.8 $3,789.7 $3,931.0 $3,405.2 $3,003.6 $2,235.2 $1,710.8

All per common share data has been adjusted to reflect the 2-for-1 stock splits paid October 23, 1996, October 30, 1995 and October 5, 1990. The Company's Class B Common Stock is listed on the New York and Pacific Exchanges and trades under the symbol NIKE. At May 31, 1998, there were approximately 250,000 shareholders. Years 1993 and prior have been restated to reflect the implementation of Statement of Financial Accounting Standard No. 109- Accounting for Income Taxes (see Notes 1 and 6 to the Consolidated Financial Statements).

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