Nike Earnings Jump 18%
Strength in overseas markets offsets a decline in U.S. sales.
Nike
(NKE) - Get NIKE, Inc. Class B Report
said its quarterly earnings rose 18%, as strength in overseas markets offset a drop in U.S. sales.
The apparel and shoe maker said earnings for its second quarter rose to $152 million, or 57 cents a share, up from $129.3 million, or 48 cents a share, a year earlier. The earnings beat analysts' expectations by a penny.
The Beaverton, Ore.-based company said second-quarter revenue rose 8% to $2.5 billion.
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The earnings follow news earlier in the week that
Foot Locker
(Z) - Get Zillow Group, Inc. Class C Report
, one of Nike's retail customers, was cutting back on purchases from Nike.
Nike shares closed at $41.53, down 0.95%, on Thursday.
