BEAVERTON, Ore. (AFX) - Nike Inc. on Wednesday said stronger sales of footwear worldwide, including faster-paced growth in Asia, drove fiscal second-quarter profit up 8 percent.
For the quarter ended Nov. 30, net income rose to $325.6 million, or $1.28 per share, from $301.1 million, or $1.14 per share, a year ago. A tax benefit totaling 13 cents per share lifted results in the latest quarter.
Sales increased 10 percent to $3.82 billion from $3.47 billion in the year-earlier period.
By region, sales rose 8 percent in the U.S. to $1.4 billion and 6 percent in Europe to $1 billion. Sales in the company's smaller Asia Pacific and Americas segments climbed 15 percent and 4 percent, respectively.
Nike also said changes in currency exchange rates boosted revenue growth by 1 percent in the recent quarter.
Analysts surveyed by Thomson Financial expected the company to earn $1.12 per share on $3.76 billion in sales.
Nike also owns the Converse, Cole Haan, and Nike Bauer Hockey brands.
Nike shares rose $3.59, or 3.7 percent, to close at $99.78 on the New York Stock Exchange before the earnings were reported.
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