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Get more information at nashuatelegraph.com/fullaccess Sign up or Login BOSTON - Shoe makers are racing to the Boston area as they compete for millennial talent. Reebok picked the city's rapidly growing Seaport District for its new global headquarters in December, following in the footsteps of New Balance and Converse, both of which opened splashy new headquarters in 2015 that helped redefine the city skyline. Just outside the city limits, Wolverine World Wide Inc. - the Rockford, Michigan-based owners of Saucony, Keds, Sperry and other brands - opened a regional campus in Waltham for 370 workers this summer after moving it south from Lexington, Massachusetts. And the Rockport Co., purveyor of casual and dress shoes, is slated to christen a new headquarters for 212 employees in the affluent Boston suburb of Newton later in January. The company was sold in 2015 by Adidas AG, the German sportswear giant that still owns Reebok International Ltd., to a standalone company formed by New Balance Holdings Inc. and a private equity firm. The new locales recognize that younger, more skilled workers prefer to be closer to the amenities cities and their neighboring communities provide, such as better transit, more restaurants and greater cultural options, over more distant suburbs, industry watchers say. "These companies cluster because they're primarily looking for talent. You want to be where the people are," said Matthew Powell, a sports industry analyst for the NPD Group, a New York-based market research firm.
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The Dow rose 13.42% to 19,762.6. Nike shares collapsed 18.67% to $50.83 Ironically, Nike was one of the more successful Dow stocks very late in the year. Its earnings for its fiscal second quarter, which ended on November 30, were announced December 20. They beat analysts' expectations, both for revenue and earnings per share. The stock jumped over 2% on the day after the announcement. Its results for revenue and net income: Revenues for NIKE, Inc. increased 6 percent to $8.2 billion, up 8 percent on a currency neutralbasis. Revenues for the NIKE Brand were $7.7 billion, up 8 percent on a constant currency basis,driven by double-digit currency neutral growth in Western Europe, Greater China and theEmerging Markets as well as the Sportswear and Running categories. Revenues for Converse were $416 million, up 5 percent on a currency neutral basis, drivenby strong growth in North America. Also: Net income increased 7 percent to $842 million, while diluted earnings per share increased 11 percent to $0.50, reflecting revenue growth, selling and administrative expense leverage and a three percent decline in the weighted average diluted common shares outstanding,partially offset by lower gross margin. The anxiety about Nike is based much more on the future than the present.
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