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Nike Third-Quarter Profit Jumps 55%, Shares Rise

Higher global sales of Nike Inc.'s (NKE) shoes and apparel, as well as a gain tied to the sale of the Cole Haan brand, boosted the athletic-gear maker's fiscal third-quarter earnings 55%.The company's quarterly profit also was helped by expanding gross margins, which grew for the first time after a two-year streak of declines. The gross-margin gain was unexpected, as Nike had indicated that metric wouldn't return to positive territory until the fourth quarter.The rosy margin performance, as well as strong future orders and a resilient performance in North America, sent Nike's shares soaring 8.3% to $58.04 in after-hours trading. Shares of Nike, which also sells Jordan, Hurley and Converse gear, have now climbed 12% so far in 2013.Regionally, growth was again impressive in the North American market, where sales jumped 18% due to strong demand for basketball, running, men's training and sportswear gear. Sales were also higher in Europe and emerging markets, offsetting weaker demand in gr...

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