Nike fiscal 3rd-quarter profit surpasses estimates even as stronger dollar pressures its sales



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BEAVERTON, Oregon — Nike Inc. said Thursday its net income climbed 16 percent in the fiscal third quarter even though the stronger dollar and other factors hurt the athletic apparel maker's results.

The stronger dollar makes Nike's products more expensive in other currencies, and the company also said it invested more money in its business and effective tax rates increased.

Nike said its net income totaled $791 million, or 89 cents per share, from $682 million, or 75 cents per share. The Beaverton, Oregon-based company said its revenue grew 7 percent to $7.46 billion from $6.97 billion.

Analysts expected income of 84 cents per share and $7.64 billion in revenue, according to Zacks Investment Research. Nike's fiscal third quarter ended on Feb. 28.

Nike said that its worldwide futures orders, which are orders scheduled for delivery from March through July, are up 2 percent compared to last year. If the effects of changes in foreign currency exchange rates were excluded, it says those orders would have grown 11 percent.

Nike shares rose to $98.32 Thursday. They have gained 2 percent in 2015, with the Standard & Poor's 500 index up 1.5 percent over the same period. The shares have climbed 24 percent over the last 12 months. In after-hours trading, Nike stock rose $1.50 to $99.82.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NKE at http://www.zacks.com/ap/NKE

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Keywords: Nike, Earnings Report

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