Nike posts 1Q profit, results beat Wall Street forecasts

MarketsAssociated Press

Nike Inc. (NKE) on Thursday reported fiscal first-quarter net income of $962 million.

The Beaverton, Oregon-based company said it had profit of $1.09 per share.

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The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.

The athletic apparel maker posted revenue of $7.98 billion in the period, which also topped Street forecasts. Analysts expected $7.8 billion, according to Zacks.

Nike shares have increased slightly more than 1 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 6 percent. In the final minutes of trading on Thursday, shares hit $79.75, a rise of 16 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. A stock research report on NKE from Zacks is available at: http://www.zacks.com/ap/NKE

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