Nike has beaten Wall Street forecasts with profits of $129 million in the latest quarter. Revenues increased 6 per cent to $2.3 billion as compared to $2.2 billion last year.
"We are pleased to report positive earnings growth for Nike's global business even in the face of a challenging economic environment," said Mr Phil Knight, Nike chairman and chief executive.
Future orders for the company totaled $3.9 billion for the quarter that ended in November, an 8 per cent increase over the same period last year.
Those orders were to be delivered between December 2001 and April 2002.
Mr Knight said the orders reflected a "continued recovery" of the company's footwear sales and an acceleration in apparel sales.
"The acceleration of Nike's futures orders over the previous quarter is a testament to the strength of both our product and our brand," he said.
PA