Nike’s Profit Rises 28% on Higher Sales
Bloomberg News
Nike Inc., the world’s largest athletic-shoe maker, said fiscal fourth-quarter profit rose 28% as the firm cut inventory and sold more products, including basketball shoes, at full price.
Net income climbed to $208.4 million, or 77 cents a share. Sales rose 8% to $2.68 billion.
Shares of Beaverton, Ore.-based Nike rose $2.34, or 4.8%, to $51.42 on the NYSE. Results were released after the close of regular U.S. trading.
