Nike Profit Beats Estimates Thanks to Strong Sales

Nike Inc. (NKE) Monday said quarterly profit rose 15 percent, boosted by strong sales of high-priced athletic shoes like the Nike Shox (search) and demand for its other brands such as Converse and Cole Haan (search).

Net income at the world's largest athletic shoe company rose to $349.5 million, or $1.30 per share, in the fiscal fourth quarter ended May 31, from $305.0 million, or $1.13 per share, a year earlier.

The per-share earnings were 3 cents better than the average forecast among analysts polled by Reuters Estimates.

Revenue rose 7 percent to $3.7 billion as demand grew across all regions and the weak dollar helped boost the value of overseas sales.

In the United States, the company's biggest market, revenue increased 3 percent to $1.3 billion. U.S. athletic footwear revenue rose 7 percent to $907.2 million as high-priced sneakers sold well

Asia Pacific revenue rose 19 percent to $535 million, while revenue in the Europe-Middle East-Africa region increased 4 percent to $1.1 billion.

Worldwide orders for athletic footwear and apparel for delivery from June through November, a key indicator for the company, increased 9.5 percent from a year earlier to $6.3 billion. Future orders in the United States rose 10 percent.