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Nike Earnings Fall but Beat Street

Nike shoes are displayed at Modell's Sporting Goods in Philadelphia.
Matt Rourke | AP
Nike shoes are displayed at Modell's Sporting Goods in Philadelphia.

Nike says its second-quarter net income fell 18 percent as the European economy remained weak and growth slowed in China.

But the results topped Wall Street expectations and Nike's stock rose more than 4 percent in aftermarket trading.

(Click here to get real-time quotes for Nike.)

The world's largest athletic gear maker says net income for the three months ended Nov. 30 fell to $384 million, or $1.14 per share. That compares with $469 million, or $1.03 per share, last year when it had about 3 percent more shares outstanding.

Revenue rose 7 percent to $5.96 billion.

Higher selling prices and easing raw material costs were offset by higher labor costs and fluctuations in foreign currency exchange rates. Futures orders rose 6 percent.

Wall Street had expected Nike to report earnings excluding items of $1.00 a share on $5.99 billion in revenue, according to Thomson Reuters consensus estimates.

This is a breaking news article. Please check back for updates on this story.

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