Nike 1st quarter profit rises 51 percent

Nike Inc. reported Thursday that its fiscal first-quarter net income rose 51 percent, boosted by a rise in revenues, future orders and favorable exchange rates for the world's largest athletic shoe and clothing company.

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Net income reached $569.7 million, or $1.12 per share for the quarter ending Aug. 31, up from $377.2 million, or 74 cents per share, for the same period of the prior year.

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Revenue for the quarter rose 11 percent to $4.7 billion. Changes in currency exchange rates contributed 3 percentage points for revenue growth for the quarter.

The Beaverton-based company exceeded Wall Street expectations for the quarter. Analysts surveyed by Thomson Financial expected a profit of 87 cents per share on revenue of $4.58 billion.