Nike Inc shares hit an all-time high Monday.
The company’s stock (NYSE: NKE) hit $79.04 before closing at $78.37. The major indices also climbed, with the Dow Jones Industrial Average closing at 10,754, a gain of more than 1 percent.
Nike was founded in 1968. It became a public company on Dec. 2, 1980.
The apparel giant, based outside Beaverton, also held its annual shareholder meeting Monday. Shareholders approved four measures at the meeting, each nearly unanimously.
“Those might have been the highest votes we’ve ever had,” said co-founder and Chairman Phil Knight. “It might have been because of the high stock price.”
Nike’s fiscal year concluded on May 31. Despite a dip in sales, the company set several financial records, including its all-time highest gross margins (46.3 percent), free cash flow from operations ($2.8 billion) and direct-to-consumer sales (nearly $2.5 billion).
At Monday’s meeting, CEO Mark Parker reiterated his aggressive growth plans for the company, saying he wants to grow revenue to $27 billion by fiscal 2015. For Nike’s 2010 fiscal year, the company had $19 billion in revenue.
“That’s an ambitious goal, but it’s exactly what investors should expect from Nike,” Parker said.
The company’s growth plans focus on several areas, including continued innovation and growth in brands such as Converse and Hurley. Parker wants to double Converse’s sales to $2 billion within five years.
Nike also plans to spend between $500 million and $600 million to beef up its retail presence.
During a brief question-and-answer session, Chief Financial Officer Don Blair said the company is looking at several opportunities for the more than $3 billion in cash on its balance sheet.
The company will release results of its first fiscal quarter on Thursday.
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