This excerpt taken from the NKE 10-K filed Jul 28, 2008.
Fiscal 2007 Compared to Fiscal 2006STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">In the Americas Region, changes in currency exchange rates contributed 1 percentage point of revenue growth for fiscal 2007. Excluding changes in foreign
currency exchange rates, growth in most markets within the region, led by constant-currency revenue growth of 29% in Argentina, more than offset softer results in Brazil. While currency-neutral footwear and equipment revenues increased 6% and 15%,
respectively, versus the prior year, apparel revenues decreased 4% as a result of tough World Cup comparisons. We expect to return to apparel revenue growth in fiscal 2008 as a result of moving from a licensed to a wholesale apparel distribution
model in Brazil.
The increase in pre-tax income for fiscal 2007 versus the prior year was primarily attributable to higher revenues and