Nike's 1Q net income rises 15 percent

Published:

 

BEAVERTON, Ore. (AP) -- Nike Inc.'s fiscal first-quarter net income rose 15 percent as strong demand offset higher costs.

The world's largest athletic shoe and clothing maker reported after the market closed Thursday that it earned $645 million, or $1.36 per share, for the quarter that ended Aug. 31. That's up from $559 million, or $1.17 per share, in the same quarter last year.

Nike's revenue rose 18 percent to $6.08 billion.

The results beat analysts' average forecast for earnings of $1.21 per share and revenue of $5.75 billion.

Shares of the Beaverton, Ore.-based company soared more than 5 percent after hours on the news. They had fallen $1.56 to $84.18 in regular trading.