BEAVERTON, Ore. (AP) — Nike says stronger sales helped more than double the athletic shoe and clothing company’s third-quarter profit.
Nike reported Wednesday that it earned $496 million, or $1.01 per share, for the quarter. That’s up sharply from the $244 million, or 50 cents per share, it reported for the same period a year earlier, which it recorded charges tied to its Umbro subsidiary.
Adjusting for those items, Nike’s profit grew a more modest 2 percent.
Nike says its revenue grew 7 percent to $4.7 billion, due in part to a boost from beneficial foreign exchange rates.
The results beat Wall Street expectations of 89 cents per share on revenue of $4.6 billion.
