ClaimsBill Ackman

“Substantial growth in emerging markets, which comprise ~30% of revenue;”

Bill Ackman, Pershing Square investment manager's report 2018 Annual Report Year Ended December 31, 2017 - Letter (Pershing Square Holdings) archived copy

Factual Economics and markets

Nike's emerging markets comprise about 30% of its revenue.

Resolved true The record shows it happened or was so.

Factual: Statements about the present or the past, checked against the record: did they hold up?

The second judge would not resolve this claim; the verdict shown is the first judge's.

Said for an organisation they lead or work for; it counts on both records.

What would count as true or false

Judged as of 2018, using Nike's latest reported fiscal year at that time (FY2017 or FY2018 10-K). True if the regions Nike reports that are mostly emerging markets (for example Greater China and Asia Pacific & Latin America, possibly with emerging parts of EMEA, or Nike's own 'emerging markets' segment if it reported one) made up about 30% of revenue (roughly 27–33%) on a reasonable definition. Mostly true if the share is about 25–27% or 33–35%. Mixed if the share depends heavily on the definition and comes out near 30% on some reasonable definitions but well off on others. Mostly false if the share is about 20–25% or 35–40%. False if it is below 20% or above 40% on any reasonable definition.

Set before the research began.

Evidence (9)

  1. E1 NIKE, Inc. U.S. Securities and Exchange Commission (Form 10-K for fiscal year ended May 31, 2017) · July 2017

    “For fiscal 2017, our reportable operating segments for the NIKE Brand are: North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets.”
  2. E2 NIKE, Inc. Reports Fiscal 2018 Fourth Quarter and Full Year Results :: NIKE, Inc. (NKE) NIKE, Inc. (via Business Wire) · 28 June 2018

    “Revenues for NIKE, Inc. rose 6 percent to $36.4 billion, up 4 percent on a currency-neutral basis.”
  3. E3 NIKE, Inc. Form 10-K for the fiscal year ended May 31, 2017 NIKE, Inc. (filed with the U.S. Securities and Exchange Commission)

    “For fiscal 2017, our reportable operating segments for the NIKE Brand are: North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets.”
  4. E4 NIKE, Inc. Form 10-K for the fiscal year ended May 31, 2017 NIKE, Inc. (filed with the U.S. Securities and Exchange Commission)

    “As a result of this organizational realignment, beginning in fiscal 2018, the Company's reportable operating segments for the NIKE Brand will be: North America; Europe, Middle East and Africa; Greater China; and Asia Pacific and Latin America.”
  5. E5 NIKE, Inc. Reports Fiscal 2018 Fourth Quarter and Full Year Results :: NIKE, Inc. (NKE) NIKE, Inc. (via Business Wire) · 28 June 2018

    “Revenues for NIKE, Inc. rose 6 percent to $36.4 billion, up 4 percent on a currency-neutral basis.”
  6. E6 NIKE, Inc. U.S. Securities and Exchange Commission (Nike FY2018 Form 10-K)

    “| Asia Pacific & Latin America | | 5,166 | | | 4,737 |”
  7. E7 NIKE, Inc. U.S. Securities and Exchange Commission (Nike FY2018 Form 10-K)

    “| Greater China | | 5,134 | | | 4,237 |”
  8. E8 NIKE, Inc. U.S. Securities and Exchange Commission (Nike FY2018 Form 10-K)

    “| TOTAL NIKE, INC. REVENUES | | $ | 36,397 | | | $ | 34,350 |”
  9. E9 NIKE, Inc. U.S. Securities and Exchange Commission (Nike FY2018 Form 10-K)

    “As a result of this organizational realignment, the Company’s reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa; Greater China; and Asia Pacific & Latin America, and include results for the NIKE, Jordan and Hurley brands.”

Reasoning

Nike's FY2018 10-K lists revenue rows of 5,166 for Asia Pacific & Latin America and 5,134 for Greater China, against total NIKE, Inc. revenues of 36,397 (E7, E8, E9). The press release confirms that FY2018 revenue was $36.4 billion, which shows the first column is fiscal 2018 (E2). These are the mostly-emerging-market segments under Nike's realigned structure (E10). Together they come to about 28% of revenue, and adding the emerging parts of EMEA would raise that share. Using the prior-year column instead gives about 26%. On the criteria's main reasonable definition, the share falls in the roughly 27–33% band.

Cite this claim

Bill Ackman, “Nike's emerging markets comprise about 30% of its revenue.” (said 2018). Verdict: resolved true. Reliability API, claim c_1ca5cbd7178f, method 0.1.0+c876030c, dataset release v1.1.2. https://epistacklabs.com/claims/c_1ca5cbd7178f

This claim is in dataset release v1.1.2, with the same verdict.

Reply to this claim

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All of them

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