Updated from 5:12 p.m. ET to include latest share prices, additional information on Wet Seal and Cost Plus.
NEW YORK (TheStreet) -- Shares of Nike (NKE) ticked up in late trades Thursday after the sneaker maker reported an above-consensus profit for its fiscal third quarter as it kept a tight lid on expenses in order to counter margin pressure from higher product costs.
The Beaverton, Ore.-based company posted a profit of $560 million, or $1.20 a share, on revenue of $5.85 billion for the quarter ended Feb. 29, beating the average estimate of analysts polled by Thomson Reuters for earnings of $1.17 a share on revenue of $5.82 billion in the period.
Gross margin came in at 43.8% for the quarter, down from 45.8% a year earlier, but selling, general and administrative expenses grew slower than revenue, totaling $1.8 billion for the period, or 30.8% of revenue. In the same period a year earlier, Nike said SG&A expenses totaled $1.64 billion, or 32.2% of revenue.
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