NEW YORK (TheStreet) -- Shares of Nike Inc. (NKE) are up 3.11% to $79.25 in pre-market trade as the sporting goods maker reported fourth quarter profit that beat analysts' estimates as running and basketball gear led sales in North America, Bloomberg reports.
Net income in the quarter ended May 31 jumped 5.4% to $698 million, or 78 cents per share, from $662 million, or 73 cents, a year ago, the company said.
The average of 26 analysts' estimates compiled by Bloomberg was 75 cents.
Total sales were up 11% to $7.43 billion. Analysts, on average, projected $7.34 billion.
TheStreet Ratings team rates NIKE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate NIKE INC (NKE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: