BEAVERTON, United States — Nike Inc.’s fourth-quarter profit topped analysts’ estimates, helped by new product releases and strong sales growth in North America, its largest market.
Net income rose to $865 million, or 98 cents a share, from $698 million, or 78 cents, a year earlier, the Beaverton, Oregon-based company said Thursday in a statement. Analysts had estimated about 83 cents on average, according to data compiled by Bloomberg.
Nike, the world’s largest sporting-goods maker, has fueled growth by investing in innovation and introducing scores of new products each year. The company also has benefited from fashion trends shifting toward casual and comfort -- what’s been dubbed “athleisure.”
“Our consistent growth is fueled by our connection to the consumer and our ability to deliver innovation at an unprecedented pace and scale,” Chief Executive Officer Mark Parker said in the statement.
Nike shares rose 2.7 percent to $108.11 in late trading after the results were released.
Worldwide futures orders were up 13 percent, excluding the effects of foreign-currency exchange-rate fluctuations. Analysts estimated a 10.4 percent gain on average, according to data collected by Consensus Metrix. The measure is closely watched because investors view it as a proxy for future sales.
By Matt Townsend; editors: Nick Turner, Leslie Patton.