Nike Inc, the world's largest athletic shoe maker, posted a bigger-than-expected 32 percent jump in quarterly profit on Monday on strong sales in the key US footwear market, pushing its stock higher.
The robust sales marked a turnaround from last quarter, when Nike reported its slowest revenue rise in nine quarters, prompting worry on Wall Street. Nike said orders for delivery through January were up 11 percent from a year earlier, and it was optimistic about its growth prospects.
The company earned $432.3 million, or $1.61 per share, in the fiscal first quarter ended August 31, compared with $326.8 million, or $1.21 per share, a year earlier.
Analysts, on average, had expected $1.42 per share, according to Reuters Estimates.
Revenue rose 8 percent to $3.9 billion, helped by an 11 percent gain in the US athletic footwear business and 8 percent growth in total US sales, including apparel and other merchandise. Analysts had expected revenues of $3.8 billion, according to Reuters Estimates.
In Europe, revenue rose 5 percent, while the Asia Pacific region reported a 13 percent increase. The weak dollar boosted the value of overseas sales.