Latest news with #MarkParker
Yahoo
14-05-2025
- Business
- Yahoo
Baltimore City school board approves $1.87B budget
The Board of School Commissioners voted unanimously at Tuesday's meeting to approve the proposed $1.87 billion Baltimore City Public Schools budget for the 2026 fiscal year. The budget proposal represents a 5% increase from the 2025 fiscal year's $1.78 billion budget, giving rise to concerns about its viability in the current economic climate and amid threats to funding at all levels from the Trump administration. Mark Parker, councilmember for District 1 and vice-chair of the council's Education, Youth and Older Adults Committee, addressed the school board meeting Tuesday night, highlighting the uncertainty around the state and city budget caused by dire decisions being made in Washington. 'It's a significant task to pass a budget [these days],' Parker told the board. One of the most consequential of these actions was the recission of federal grants to schools to aid in COVID-19 pandemic recovery, including $48 million in Elementary and Secondary School Emergency Relief (ESSER) funding from Baltimore City Public Schools. However, a federal judge blocked the Trump administration's efforts to revoke ESSER funds in 15 states, including Maryland. On Monday, state officials told schools to submit requests for ESSER reimbursements by the end of the day, which Baltimore schools did. This may allow the city school system to recoup some of the ESSER funds that were poised to be lost to the Trump administration's cuts, according to a slide presentation at Tuesday's meeting. The presentation also warned that even 'with a potentially positive outcome on this issue, significant and serious uncertainty remains about federal funding going forward, underscoring the need for prudence in our approach to FY26.' Have a news tip? Contact Mathew Schumer at mschumer@ 443-890-7423 and on X as @mmmschumer.
Fashion United
07-05-2025
- Business
- Fashion United
Nike Q4 earnings jump 22 percent
For its fourth quarter and full year ended May 31, 2017, Nike said that the international geographies and the Direct-to-Consumer (DTC) businesses led strong revenue growth momentum. Diluted earnings per share for the quarter rose 22 percent to 0.60 dollar, while fiscal 2017 diluted earnings per share rose 16 percent to 2.51 dollars. 'Nike continues to create both near-term wins in today's dynamic environment and a lasting foundation for future growth,' said Mark Parker, Chairman, President and CEO, Nike in a press release, adding, 'Through our Consumer Direct Offense, we're putting even more firepower behind our greatest opportunities in fiscal 2018. It will be a big year for Nike innovation.' Nike Q4 revenues rose 5 percent to 8.7 bn dollars Revenues for Nike rose 5 percent to 8.7 billion dollars, up 7 percent on a currency-neutral basis. Revenues for the Nike brand were 8.1 billion dollars, up 7 percent on a currency-neutral basis, which the company said were driven by double-digit growth in Western Europe, Greater China, and the emerging markets, and strong growth in sportswear and running. Revenues for Converse were 554 million dollars, up 10 percent on a currency-neutral basis, driven by the market transition in Italy and growth in DTC. The company said, gross margin declined 180 basis points to 44.1 percent as higher average selling prices were more than offset by unfavorable changes in foreign currency exchange rates and higher product costs. Net income for the quarter increased 19 percent to 1 billion dollars due to global revenue growth, lower selling and administrative expense and a lower tax rate which were slightly offset by a gross margin decline, while diluted earnings per share increased 22 percent to 0.60 dollar reflecting a nearly 3 percent decline in the weighted average diluted common shares outstanding. Full years revenues at Nike up 6 percent Revenues for Nike rose 6 percent to 34.4 billion dollars, up 8 percent on a currency-neutral basis for the full year. Also, on a currency-neutral basis revenues for the Nike brand were 32.2 billion dollars, up 8 percent. Nike brand sales to wholesale customers increased 5 percent while DTC revenues grew to 9.1 billion dollars, up 18 percent, driven by a 30 percent increase in digital commerce sales, the addition of new stores and 7 percent growth in comparable store sales. As of May 31, 2017, the brand had 985 DTC stores in operation as compared to 919 a year ago. The company said, revenue growth was driven by growth in every geography as well as key categories including sportswear, running and the Jordan brand. Revenues for Converse were 2 billion dollars, up 6 percent, driven by growth in the United States and Europe due to the market transition in Italy. Gross margin declined 160 basis points to 44.6 percent. Net income for the year increased 13 percent to 4.2 billion dollars reflecting strong global revenue growth, selling and administrative expense leverage and a lower tax rate which were slightly offset by a decline in gross margin. Diluted earnings per share increased 16 percent to 2.51 dollars, reflecting growth in net income and the additional benefit of a decline in the weighted average diluted common shares outstanding. Picture:Nike website
