Fitness financials: Nike's Q2 profit up 9 percent - SNEWS

Fitness financials: Nike's Q2 profit up 9 percent

Nike's Q2 profit rose 9 percent.
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Nike's Q2 profit up 9 percent

Despite weak domestic sales, Nike (NYSE: NKE) said its profit grew 9 percent in the second-quarter on strong sales overseas.

Its net income rose to $391 million, or $0.80 per share, compared with net income of $359.4 million, or $0.71 per share in the same quarter last year.

The company said its total revenue grew 6 percent to $4.6 billion, from $4.3 billion last year. Changes in currency exchange rates boosted revenue by 1 percentage point for the quarter.

The company said it had strong sales growth in Asia and other foreign markets. Revenue in Asia jumped 22 percent for the quarter. But domestic sales were weak. Total U.S. revenue decreased 1 percent, with significant drops in equipment sales.

The company also saw a change in its future orders, which are scheduled to be delivered between December and April. Future orders dropped 1 percent lower than such orders reported for the same period last year. Excluding the effect of changes in foreign currency exchange rates, reported orders grew 6 percent.

--Compiled by Wendy Geister

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