Nike Profit Jumps 25% on Shox, Converse Sales
From Bloomberg News
Nike Inc., the world’s biggest athletic-shoe maker, said first-quarter earnings surged 25% as demand for Shox running shoes and Converse sneakers fueled its fastest U.S. sales gain in more than a year.
Net income beat analysts’ estimates, rising to $326.8 million, or $1.21 a share, from $261.2 million, or 98 cents, a year earlier, the Beaverton, Ore.-based company said. Sales jumped 18% to $3.56 billion, led by Asia.
Shares of Nike rose $1.44 to $78 on the New York Stock Exchange.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
