BEAVERTON, Ore. (AP) — Nike Inc. says its stronger sales drove its third-quarter net income up 5 percent but the results missed analyst expectations.
The world’s largest athletic shoe maker said after the stock market closed Thursday that it earned $523 million, or $1.08 per share, for the quarter that ended Feb. 28. That’s up from $497 million, or $1.01 per share, in the same quarter last year.
Nike’s revenue rose 7 percent to $5.08 billion.
That’s short of the $1.12 per share earnings and revenue of $5.17 billion forecast by analysts polled by FactSet.
Nike said its stronger revenue was offset by higher manufacturing and shipping costs.
The Beaverton, Ore.-based company also faced a higher tax rate for the period.
