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Nike Jogs Past Estimates

TSC Staff

Nike(NKE Quote) posted an 8% rise in third-quarter earnings, beating analysts' targets, as strong sales gains in overseas markets boosted results.

The Beaverton, Ore., sneaker giant earned $350.8 million, or $1.37 a share, for the quarter ended Feb. 28. Revenue totaled $3.93 billion.

Analysts polled by Thomson Financial expected earnings of $1.33 a share and revenue of $3.92 billion.

In the year-ago quarter, Nike earned $325.8 million, or $1.24 a share, on revenue of $3.61 billion.

Futures orders -- representing orders scheduled for delivery between March and July -- rose 9% from a year earlier to $6 billion.

"Our mix of compelling product and premium consumer experiences drove a meaningful acceleration of futures orders," said Mark Parker, president and chief executive.

In the U.S., third-quarter revenue increased 2% to $1.5 billion. The bigger gains came overseas, helped in part by currency exchange rates.

Revenue in Europe grew 15% to $1.1 billion, with currency exchange adding 9 percentage points to the gain. In the Asia Pacific region, revenue rose 11% to $589.9 million, with currency conversions contributing 3 percentage points.

Shares of Nike were up 89 cents, or 0.8%, to $109.49 in after-hours trading.