Nike Inc.’s fourth-quarter profit rose 14%, leading to the company’s shares jumping more than 4%.
Nike Inc.’s fourth-quarter profit rose 14%, leading to the company’s shares jumping more than 4%.
Nike warned investors recently that higher manufacturing costs would cut into its profit margins through the rest of the year and into 2012. The company raised its prices in the past year to offset the cost pressures, but the popularity of the swoosh remained strong and shoppers continued to buy more Nike products even at higher prices.
“We delivered exceptional results in extraordinary times,” Mark Parker, Nike’s CEO said Monday.
Nike reported that it earned $594 million, or $1.24 per share, for the quarter that ended May 31. That’s up from the $522 million, or $1.06 per share, it earned in the same quarter last year. Revenue rose 14 percent to $5.77 billion.
Read more at the Statesman Journal.
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