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) - Get Report

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.

The stock was last quoted at $112.26, up 1.1%, on volume of nearly 500,000, according to

Nasdaq.com

. Based on Thursday's regular-session close at $110.99, the shares were up 14.6% so far in 2012 and 44% over the past year, hitting a 52-week high of $112.97 earlier this week.

"Our relentless focus on innovation delivered powerful new products and services for athletes and consumers, and continues to drive value to our shareholders," said Mark Parker, the company's president and CEO, in a statement. "The environment remains volatile, but I'm optimistic about the future. We're starting a great season of major sports events and we have a pipeline full of innovation to fuel growth over the long term."

Nike said inventories stood at $3.36 billion as of Feb. 29, up 32% from $2.54 billion at the same time last year. Worldwide futures orders -- those slated for delivery in the March-July timeframe -- totaled $9.4 billion, up 15% from a year ago.

Check out TheStreet's quote page for Nike for year-to-date share performance, analyst ratings, earnings estimates and much more.

Micron Technology

A mixed performance from

Micron Technology

(MU) - Get Report

was pressuring shares of the Boise, Idaho-based chip maker after Thursday's closing bell.

The company posted a loss of $224 million, or 23 cents per share, on revenue of $2.07 billion for the three months ended March 1. That performance disappointed on the bottom line, as analysts were looking for a loss of 19 cents a share, but revenue was above the consensus view of $2.02 billion.

Shares of Micron lost 3.2% to $8.43 in extended trades with volume reaching 1.7 million, according to

Nasdaq.com

. The stock has soared more than 30% in 2012, but it's still down 24% in the past year.

Check out TheStreet's quote page for Micron for year-to-date share performance, analyst ratings, earnings estimates and much more.

Other companies active in the extended session included

Wet Seal

(WTSLA)

, whose stock was last quoted at $3.40, down 4.2%, on volume of more than 30,000 after the specialty women's apparel retailer posted a fourth-quarter profit excluding items of $2.6 million, or 3 cents a share, on sales of $163.2 million, meeting Wall Street's earnings view but falling short of the consensus for sales of $165.5 million; and

Cost Plus

(CPWM)

, whose shares rose 7.2% to $17.15 on volume of less than 20,000 after the off-price retailer forecast earnings from continuing operations of $1.07 to $1.12 a share for fiscal 2012, ahead of the current average estimate of analysts polled by

Thomson Reuters

for a profit of $1.05 a share.

--

Written by Michael Baron in New York.

>To contact the writer of this article, click here:

Michael Baron

.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.