shares soar Business Bangor Daily News BDN Maine

shares soar Business Bangor Daily News BDN Maine
PORTLAND, Ore. - Nike Inc. fourth-quarter net profit rose 14 percent to beat expectations as the company sales improved around the globe.
The world largest athletic shoe company reported Monday that it earned $594 million, or $1.24 per share, for the quarter. That up from the $522 million, or $1.06 per share, it earned in the same quarter last year.
The results handily beat the $1.16 per share on revenue of $5.53 that analysts polled by FactSet were anticipating. The news sent shares of the company, based in Beaverton, Ore.,[link widoczny dla zalogowanych], soaring in after-hours trading.
Nike had warned investors that higher costs would cut into its profit margins. The company, like many of its peers,[link widoczny dla zalogowanych], is dealing with higher costs for materials, labor and freight.
The company was able to make up for the rising costs with higher sales volume,[link widoczny dla zalogowanych]. Revenue improved in every market except Japan during the quarter,[link widoczny dla zalogowanych].
delivered exceptional results in extraordinary times,[link widoczny dla zalogowanych], Mark Parker, Nike CEO said.
For the full year, Nike earned $2.13 billion, or $4.39 per share, compared with $1.9 billion, or $3.86 per share, for the prior year.
Shares of Nike jumped $3.15,[link widoczny dla zalogowanych], nearly 4 percent,[link widoczny dla zalogowanych], to $81.62 in after-hours trading.
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