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In a bid to accommodate its growing manpower, Nike Inc. ( NKE - Analyst Report ) bought new office space in Washington County in Beaverton, Oregon for about $44 million, close to its world headquarters, as reported by Business Journal. The deal was finalized last month. The four-building office space along with the nearby 18-acre land were previously owned by Georgia-based Piedmont Office Realty Trust Inc. ( PDM - Snapshot Report ) .
Employing a total of 38,000 people, with over 7,000 of them based in its world headquarters, the company has been in search of additional space for quite some time. Reports in December 2011 confirmed that Nike was on the lookout for a 100,000 square feet space in Beaverton, in spite of leasing 160,000 square feet of space in two buildings in the area.
With 346 retail stores in the United States and 343 retail stores internationally, Nike Inc. is the global leader in athletic footwear, apparel, equipment and sports-related accessories with operations in over 170 countries.
In an attempt to expand its global reach and market share Nike has been keen on capitalizing on the growth opportunities in the emerging markets, especially in China. Further, the company is focused on expanding its direct-to-consumer business model and other brands to expand geographically.
We believe Nike’s continued investment in emerging markets as well as its focus on direct-to consumer business and brands augur well for future operating performance. This will not only help in expanding its market share, but will also facilitate in strengthening its competitive position.
Currently, Nike has a Zacks #3 Rank, which translates into a short-term Hold rating. We retain a long-term 'Neutral' recommendation on the stock.
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