Business

Nike reports 24% rise in profit

Nike shoes Image copyright Getty Images

The US sportswear maker Nike reported a 24% increase in profit from selling more high end shoes and clothes.

The company said net income rose to $865m (£550m) in the three months to the end of May, an increase from $698m a year earlier.

That was better than analyst expectations.

Nike saw growing demand from its basketball shoes, particularly in the US, as well as running shoes, including brands such as Lunar and Free.

Its Converse brand also saw rising sales.

The company's largest market, North America, saw sales rise by 13% in the quarter.

This helped offset the effect of the stronger dollar which dampened earnings elsewhere.

President and chief executive Mark Parker described the past year overall as "outstanding".

The company's shares were up 2.3% at $107.63 in after-hours trading on Wall Street.

On the conference call to discuss the earnings, Mr Parker pointed to its women and youth ranges as areas for growth.

Women were keener to buy their sportswear online, with female products outstripping men's at Nike.com.

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