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 Thursday, 19 December, 2002, 22:42 GMT
Overseas sales lift Nike
Nike shoe
The US sportswear maker Nike has reported a rise in earnings thanks to strong performance in Europe and Asia.

Rising earnings overseas helped to offset falling sales in the US.

Earnings at the firm grew by 18% in the September to November quarter, compared with the same period last year.

The figures were slightly better than the results forecast by most analysts.

In after-hours trade, Nike shares were trading at $42.50, up from their close of $41.53 on the New York Stock Exchange on Thursday.

'Worldwide strength'

Nike said earnings for the September to November quarter came in at $152m (95m), or 57 cents a share, up from $129m in the same period last year.

Overall revenue rose 8% to $2.5bn, but the firm saw mixed growth around the world.

In Europe revenues during the quarter grew by 35%, while in the Asia Pacific region they were 14% higher.

But in the US revenues were 8% lower, and in the Americas region they fell 13%.

"We are pleased by the strong earnings result this quarter, the fifth consecutive quarter we have delivered solid earnings growth despite a challenging economic environment," said Nike chairman and chief executive Philip Knight.

"While US orders were down this quarter as we expected, we are pleased with the worldwide strength of our brand and believe that the realignment of our U.S. distribution will only enhance our business and our brand going forward."

See also:

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