Nike Profit Up 19% on U.S. Sales

Nike Inc., the world’s largest maker of athletic shoes, said Tuesday that its fiscal third-quarter profit rose 19% as its Air Max 360 running shoe boosted U.S. sales.

Net income in the quarter ended Feb. 28 rose to $325.8 million, or $1.24 a share, from $273.4 million, or $1.01, a year earlier. Revenue climbed 9.2% to $3.61 billion, Beaverton, Ore.-based Nike said.

Nike introduced the $160 Air Max 360 air-cushioned shoe and a Kobe Bryant signature model last quarter to spur U.S. sales. Chief Executive Mark Parker, who took over after Bill Perez quit in January, is unveiling lower-priced casual shoes overseas to counter a slowdown in revenue in Japan and Europe.

“Nike will be a share gainer in the U.S.,” said David Heupel, who helps manage $67.5 billion at Minneapolis-based Thrivent Investment Management, including Nike shares. “Their U.S. business has been excellent. The area most people are concerned about is Europe.”

Shares of Nike fell 56 cents to $84.95. The shares rose 1.3% in the year through Tuesday. Shares of the company’s largest rival, Adidas-Salomon, rose 38% in the same period. Adidas acquired Reebok International Ltd. this year.