Nike's Third-quarter Profit Beats, But Sales Miss On a Stronger Dollar

Nike Inc. said Thursday its fiscal third-quarter profit rose to $791 million, or 89 cents a share, from $682 million, or 75 cents, a year earlier. That topped the 85-cent average estimate of analysts surveyed by FactSet. Sales rose 7% to $7.46 billion, missing FactSet consensus of $7.62 billion. Nike said sales would have been up 13% without the currency translation impact. Constant-currency sales of Nike brand were up 11% and jumped 33% for the Converse brand. Nike said orders of clothing and shoes for delivery the next five months rose 2%. They would have climbed 11% without the impact of a stronger dollar. Analysts were looking for orders to rise 9% to 10%. Dow component Nike shares rose 0.6% in after-hours trading. Related: What to look for in Nike earnings