Nike's third-quarter profit jumped more than 30 percent because of strong sales overseas and beneficial currency exchanges, the athletic...
PORTLAND — Nike’s third-quarter profit jumped more than 30 percent because of strong sales overseas and beneficial currency exchanges, the athletic shoe and apparel giant said today.
Nike said its net income grew to $463.8 million, or 92 cents a share, up from $350.8 million, or 68 cents a share, in the same quarter of the prior year.
Revenue for the fiscal quarter grew 16 percent to $4.54 billion, up from $3.93 billion. Changes in currency-exchange rates accounted for 6 percentage points of revenue growth for the quarter.
The results exceeded Wall Street’s projections. Analysts surveyed by Thomson Financial had expected the company to earn 81 cents a share on revenue of $4.36 billion.
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Nike shares gained 16 cents to close at $61.83 before results were released. In after-hours trading, it was up an additional 46 cents.
Nike President Mark Parker said the results are a “clear indication that our strategy is working and that we’re on track to achieve our financial goals for this fiscal year and beyond.”
The $29 million sale of Nike’s Starter brand to Iconic Brand Group is included the quarter’s income. Other recent deals by the Beaverton, Ore., company, such as its acquisition of British soccer company Umbro and the sale of its Bauer Hockey unit, are not reflected.