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Changes in currency exchange rates did not have a significant impact on revenue growth. Footwear revenues were up 8 percent to $169.4 million, apparel revenues decreased 27 percent to $44.7 million and equipment revenues rose 15 percent to $20.9 million. Pre-tax income was up 20 percent to $38.5 million for the quarter. Full fiscal year revenues for the Americas region grew 5 percent to $952.5 million, 1 percentage point of this growth was the result of changes in currency exchange rates. Footwear revenues increased 7 percent to $679.6 million, apparel revenues decreased 4 percent to $193.9 million, and equipment revenues rose 17 percent to $79.0 million.

Pre-tax income increased 9 percent for the fiscal year to $187.4 million. Other Businesses For the fourth quarter, Other business revenues, which include Cole Haan Holdings Incorporated, Converse Inc., Exeter Brands Group LLC, Hurley International LLC, NIKE Bauer Hockey Inc., and NIKE Golf, grew 9 percent to $649.7 million and pre-tax income was up 102 percent to $93.1 million. For the fiscal year, Other business revenues increased 16 percent to $2.3 billion and pre-tax income increased 98 percent to $303.7 million. Prior year fourth quarter and fiscal year pre-tax income included a one-time $51.9 million charge related to an arbitration ruling involving Converse and a former South American licensee.

In fiscal 2007 the ruling was settled for less than this amount, which resulted in a $14.2 million benefit to Other business pre-tax income. Excluding these items, Other business pre-tax income would have decreased 5 percent for the fourth quarter and increased 41 percent for the fiscal year. Income Statement Review In the fourth quarter of fiscal 2007 gross margins were comparable to the prior year at 43.8 percent; selling and administrative expenses were 29.0 percent or revenues versus 30.8 percent last year and the effective tax rate was 33.5 percent compared to 34.9 percent last year. Fourth quarter net income included $19.3 million, net of taxes, related to the expensing of stock options.

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