Business

Nike sees higher profits and sales in last quarter

Shoe with Nike logo
Image caption Nike says its orders for the summer look better than at this time last year

Sportswear group Nike has said its profits have risen as demand for its shoes outstripped rising costs.

The firm said its net income for the quarter ended 29 February rose 7% to $560m (£354m) from the same period last year.

"The environment remains volatile, but I'm optimistic about the future," said Nike president Mark Parker.

It added that its inventories were similar to what they were before the financial crisis.

Nike said that worldwide future orders for its footwear and apparel, scheduled for delivery from March to July 2012, came to $9.4bn - up 15% from the same period last year.

Total revenues rose 15% to $5.8bn.

Revenues in Western Europe, which has been suffering from sluggish growth and a debt crisis, rose by 4% to $962m

This summer will feature sport prominently, with the European football championships in Poland and Ukraine and the 2012 Olympics in London.

In North America, revenues surged by 17% to $2.15bn.

And in China, Nike's revenues gained by 25% to $694m.

In January, Nike agreed compensation in a dispute with workers in Indonesia over unpaid overtime. Its Indonesian subsidiary will pay $1m (£650,000) to about 4,500 workers.

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