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Nike Profit Jumps 12% on Strong Asia Sales

Athletic shoe and apparel company Nike says strong growth overseas, particularly in Asia, helped boost its fourth-quarter profit by 12 percent.

The Beaverton, Ore.-based company said Wednesday its net income rose to $490.5 million, up from nearly $438 million in the same quarter last year. Earnings per share jumped 14 percent to 98 cents per share, up from 86 cents per share.

The results exceeded Wall Street's projections. Analysts polled by Thomson Financial expected the company to earn 96 cents per share for the quarter.