Nike Stays on Track

Nike Inc (NKE - Analyst Report) reported first-quarter results that beat the consensus estimate as the sports shoemaker saw sales grow around the globe. Quarterly profit was $510.5 million, or $1.03 per share. Revenue rose 17% to $5.4 billion. Analysts believe the growing demand for Nike products will enable the company to raise prices even in the cash-strapped U.S. markets.

The weak dollar helped Nike score gains in the international markets, with Chinese futures orders growing by nearly 50% after the Beijing Olympics, which boosted the near-term outlook for the company. During the quarter, revenue from the Asia-Pacific region soared 36%. The superior quarterly performance supports the premium P/E of 16.3X enjoyed by Nike. Analysts expect the company to post a profit of $3.86 per share in fiscal 2009. Nike’s shares were up 10% at $65.07 in afternoon trade.

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