Nike quarterly profits surge 16 percent

Nike Inc. Thursday said its quarterly profit rose 16 percent on strong across-the-board sales of its athletic shoes and sportswear, beating Wall Street expectations.

The Beaverton, Oregon-based maker of Air Jordan sneakers and Cole Haan dress shoes said earnings for its second quarter ended Nov. 30 rose to $179 million, or 66 cents per diluted share, compared with $152 million, or 57 cents per share, a year earlier.

Analysts polled by Reuters research, a unit of Reuters Group Plc., had forecast, on average, a profit of 61 cents per share, with estimates ranging from 59 cents to 64 cents.

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Nike's revenue rose 13 percent in the quarter to $2.8 billion, led by strong gains in Asia, notably in footwear, and fueled in part by changes in currency exchange rates.

In Nike's new "other" category -- which for the first time combines Cole Haan, Nike Golf, Converse sneakers, Hurley International clothing and Bauer Nike Hockey gear -- sales rose 54 percent to $333.8 million.

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Futures orders, which provide insight into sales through April 2004, rose 9.7 percent to $4.4 billion, with four percentage points tied to currency rates.

Gross margins, a measure of profitability, also rose to 42.3 percent from 40.1 percent and the company's cash balance rose $413 million to $968.9 million despite share buybacks totaling $110.5 million during the quarter.

Shares of Nike initially rose as high as $68 in after-hours trading, then fell to $66.50, after closing at $66.80 on the New York Stock Exchange before the earnings report.