Nike’s earnings up 32% in quarter
From Times Wire Services
Nike Inc. posted a 32% rise in quarterly profit, well above expectations, on strong international demand, especially in China, sending shares up 5%.
The world’s largest maker of athletic footwear and apparel said a weak dollar contributed to a 16% gain in third-quarter sales, while fatter margins and lower costs boosted profit.
Third-quarter net income rose to $463.8 million, or 92 cents a share, from $350.8 million, or 68 cents, a year earlier. Sales jumped to $4.54 billion from $3.9 billion.
In after-hours trading, shares rose more than 3%.
