Nike Posts Higher-Than-Expected Net Income
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NEW YORK — Nike Inc., the world’s largest maker of athletic shoes, Thursday posted a quarterly profit that topped Wall Street estimates, thanks to a weak U.S. dollar and robust overseas sales.
The maker of Air Jordan sneakers, Cole Haan shoes and assorted sports apparel reported net earnings of $261.2 million, or 98 cents a share, for its fiscal first quarter ended Aug. 31.
Earnings in the latest quarter were higher than analysts’ average estimate of 88 cents a share, according to Reuters Research, a unit of Reuters Group.
A year earlier, it posted a loss of $48.9 million, or 18 cents a share. Before accounting changes, the company earned $271.2 million, or 81 cents a share, in the year-ago period.
Gross margin rose by 1.6 percentage points to 43%.
Total revenue climbed 8% to $3 billion.
Worldwide future orders for athletic footwear and apparel -- scheduled for delivery from September to January -- totaled $3.7 billion, up 10.5% from the same period a year earlier.
Shares of Nike, based in Beaverton, Ore., climbed 13 cents to $57.25 on the New York Stock Exchange.
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