Despite losing spokesperson Tiger Woods following the public reveal of a number of affairs in November, Nike surpassed analyst forecasts for sales in the most recently closed quarter.
The Oregon based company earned $496 million, or $1.01 per share, for the third quarter, surpassing third quarter 2009 results when Nike earned $244 million, or 50 cents per share. Third quarter 2009 results were weighed down by a post-tax noncash charge from its Umbro subsidiary.
Sales for the quarter that closed Feb. 28 rose by 7 percent from 4.4 billion a year ago to $4.7 billion. Among factors driving up sales, emerging markets grew 43 percent to $509 million. Apparel in emerging market rose 32 percent while the sale of Nike shoes improved by 53 percent. In 2009, growth in that market was 10 percent.
Nike exceeded analyst estimates of 89 cents on total sales of 4.6 percent. The new Nike reports pushed stocks up to an all-time-high of$75.25, before closing at $75.04. For the session on Thursday Nike stocks were up $4.16, or 5.9 percent.
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