Nike 3Q gets boost from higher prices, demand

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Associated Press

Posted on March 20, 2014 at 6:01 PM

Updated Thursday, Mar 20 at 6:01 PM

BEAVERTON, Ore. (AP) — Nike says strong global demand for its athletic goods helped third-quarter net income beat expectations as it readies for the upcoming World Cup in Brazil.

The world's largest athletic clothing maker says that not counting income from discontinued operations, earnings rose 3 percent, to $685 million, or 76 cents per share, in the three months ended on Feb. 28. The year before, profit came to $662 million, or 73 cents per share. The discontinued operations added another $204 million in profit to last year's period. Analysts expected 72 cents per share, according to FactSet. Nike sold its Cole Haan and Umbro brands last year.

Revenue rose 13 percent to $6.97 billion, beating analysts' expectation of $6.81 billion.

The Beaverton, Ore.-based company said Thursday that future orders worldwide rose 12 percent.

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