Nike 1Q Results Race Past Expectations, Shares Jump

Nike Inc reported a higher quarterly profit as the world's biggest athletic shoe and clothing maker saw soaring demand in the United States and China, its two largest markets.

For the first quarter, net income rose 15 percent to $645 million or $1.36 a share, compared with $559 million or $1.14 a share a year ago.

The Beaverton, Oregon based company -- which also owns brands like Converse, Cole Haan, Umbro and Hurley -- said futures orders, a closely watched measure of demand in coming months, rose 16 percent to total $8.5 billion.

Shares of the company closed at $84.18 Thursday on the New York Stock Exchange.