Nike Inc. enjoyed a surge in third-quarter profits with earnings of $496 million — more than double the $244 million the company earned in the same period the year before.
While the sportswear company is still not back on its normal revenue and growth track, demand is improving in most markets, Nike leaders say.
The results beat the expectations of analysts, who on average predicted a profit of 89 cents per share on revenue of $4.6 billion for the quarter. Nike’s shares rose $3.09, more than 4 percent, to $73.47 in after-hours trading.
“Nike is more than a survivor in these tough economic times,” CEO Mark Parker told investors on a conference call. “We were able to manage up and through the recession to expand separation for our brands and our businesses.”
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