BEAVERTON, Ore. — Nike Inc. said Thursday its net income climbed 16 percent in the fiscal third quarter even though the stronger dollar and other factors hurt the athletic apparel maker’s results.
The stronger dollar makes Nike’s products more expensive in other currencies, and the company also said it invested more money in its business and effective tax rates increased.
Nike said its net income totaled $791 million, or 89 cents per share, from $682 million, or 75 cents per share in the same quarter a year earlier. The Beaverton, Ore.-based company said its revenue grew 7 percent to $7.46 billion from $6.97 billion.
Analysts expected income of 84 cents per share and $7.64 billion in revenue, according to Zacks Investment Research. Nike’s fiscal third quarter ended on Feb. 28.